Troubled Cineworld to focus on group sale, denies talks with Odeon owner
Crisis-hit Cineworld has denied claims by the owner of rival Odeon that they have held talks over the sale of cinemas, saying it intends to sell the group as a whole and is yet to begin the process.
AMC Entertainment said last month that it had backed out of negotiations with Cineworld on the purchase of some sites in Europe and the US., which filed for US bankruptcy protection in September to try to restructure its debt and strengthen its balance sheet, said on Tuesday that no such talks had taken place.
The group said it was going ahead with a marketing process to sell its assets and expected to begin contacting potential buyers later this month. It forms part of its plans to restructure the group and emerge from bankruptcy in the first three months of this year, in an attempt to maximise value for"moviegoers and all other stakeholders".
The chain and the wider industry has been plagued with a slow recovery in audience numbers since pandemic lockdowns shuttered cinemas.
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