Cineworld prepares sale of some UK cinema operations, Sky News reports

(Reuters) – Cineworld is in talks over a possible sale as part of a strategic review that could lead to a global restructuring of its business, Sky News reported on Saturday, citing unidentified sources.

The operator and owner of brands including Regal, Cinema City, Picturehouse and Planet has hired AlixPartners as a consultant to work on a possible sale of its UK operations, the report said, adding that the sale process was expected to last several weeks . .

The company emerged from Chapter 11 bankruptcy less than a year ago after filing for U.S. bankruptcy in 2022 to restructure its debt.

It is also considering alternative options, including a company voluntary agreement that could put an unspecified number of its UK cinemas at risk of closure, Sky said.

A Cineworld spokesperson told the outlet: “Like many companies, we continually review our UK operations.”

Cineworld and AlixPartners did not immediately respond to a Reuters request for comment.

(Reporting by Mrinmay Dey in Bangalore)

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