Cineworld Group has scrapped proposals to sell its Israeli and Eastern European operations. It said its cinemas, numbering over 750 globally, would carry on running 'as usual without interruption' while its proposed restructuring would continue. Cineworld instead announced a restructuring deal, which would see the group raise £651million via an equity issue and involve lenders offering £1.2billion in new debt financing. The FTSE 250 company's debts soared following the £2.7billion acquisition of Regal Entertainment in 2018, which made it the second-largest cinema chain in the world. Cineworld Group shares were 42.9 per cent, or 0.39p, higher at 1.30p just before trading closed on Tuesday, although over the past five years, their value has still plummeted by more than 99 per cent.

Source: Daily Mail April 18, 2023 10:54 UTC