Cineworld bosses have provided an update on the business after the chain entered Chapter 11 proceedings in the US. Cineworld first announced last year that it had filed for bankruptcy in America due to issues including declining audience numbers after the coronavirus pandemic.
The company operates around 130 cinemas in the UK, one of which is based at The Cornerhouse building in Nottingham. In an update from Cineworld on Friday (February 24), the business said it had been approached by potential suitors interested in a takeover.
But it said none of the interested parties were reportedly willing to pay cash for the company, the Mirror reports. Cineworld confirmed: "The company has now received non-binding proposals from a number of potential transaction counterparties for some or all of the group’s business.
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"None of these proposals involves an all-cash bid for the entire business. The company is reviewing such proposals in conjunction with its advisers and key stakeholders and, whilst no decision has been made as to whether to pursue a sale transaction, and the terms of any such transaction remain uncertain, based on the proposals received to date, it is not expected that any sale transaction will provide any recovery for the holders of the company's equity interests."
Cineworld is one of the main brands located in The Cornerhouse, which is the home of several high street restaurants and bars as well as The Lost City Adventure Golf. The Cornerhouse itself first opened in 2001 after a £50 million build which took place over two years.
It comes after managers of the Genting Casino recently announced the closure of their Nottingham venue, which is also situated in The Cornerhouse. The company said it followed a consultation with staff and bosses and that the decision was due to "commercial considerations".
Cineworld added in a statement: "As announced on 7 September 2022, during the restructuring process, Cineworld continues to operate its global business and cinemas as usual without interruption. Cineworld and its brands around the world - including Regal, Cinema City, Picture House and Planet - are continuing to welcome customers to cinemas as usual. The Group continues to honour the terms of all existing customer membership programmes, including Regal Unlimited and Regal Crown Club in the United States and Cineworld Unlimited in the UK."
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