The deadline has passed for the initial round of bids on Cineworld’s assets, and the company was less than pleased with them.
According to Deadline, Cineworld attorney Joshua Sussberg told Texas Bankruptcy Court Judge Marvin Isgur on Tuesday, the company had reached out to 40 potential buyers and had received “many” offers. The bids reportedly ranged the ‘rest of the world assets’ which are outside of the Regal Cinemas chain in the U.S., and the assets in U.K. and Ireland, to “some strategic interest in the full business.”
Sussberg said, however, “We did not receive any all-cash bids, and no bid came anywhere clear the $6 billion of secured indebtedness that exists on the company’s balance sheet today.”
The final deadline for bids is set for April 10, but the company will move forward with a Chapter 11 restructuring plan as early as next week. A hearing is tentatively scheduled for May 30 to discuss the various options. Sussberg added, “I admit there are some major issues still outstanding, but we are committed to do what it takes.”
The company said that business has picked up thanks to releases such as Avatar: The Way of Water and Ant-Man and the Wasp: Quantumania, and expect things to continue to strengthen throughout the summer.