Cineworld abandons sale and secures restructuring agreement to emerge from bankruptcy.
Cineworld has abandoned the sale of its US, UK and Ireland businesses after failing to find a buyer, causing shares to drop by 35%. The cinema chain operator, which filed for Chapter 11 bankruptcy protection in the US in September, has proposed a restructuring deal with lenders to reduce debt by $4.53bn and plans to raise $2.26bn to emerge from bankruptcy. Cineworld will continue to consider proposals for the sale of its 'Rest of World' business, comprising operations outside the US, UK and Ireland.