Cineworld Group (CINE.UK) shares are losing more than 25% early in today's session following setbacks against a takeover of the struggling company. The company said it has received a number of proposals from potential parties looking to buy part or all of its business, but none of these include an offer to buy the entire company for cash, putting pressure on the company's shareholders.
Cineworld added that discussions with stakeholders about a potential reorganization plan to emerge from Chapter 11, the Insolvency Act are progressing, but given its existing debt, there does not appear to be sufficient creditor support to provide any prospect of recovering shareholder capital.
The company has proposed a deadline of 10 April for final bids, with an auction to be held on 17 April if necessary. A restructuring vote has been set for 21 May, with a court hearing tentatively set for 30 May.
The company is over $6bn in debt.
Source: xStation 5
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