Cineworld Group PLC (LSE:CINE) has binned attempts to sell its businesses outside the US and British Isles after receiving offers its lenders felt were too low.
The ailing cinema group said it continues to “move forward” with restructuring plans under its Chapter 11 bankruptcy process.
Earlier this month Cineworld announced a debt restructuring package with its biggest lenders after failing to find a buyer for its UK and US businesses.
The plan is expected to see lenders convert debt of US$4.53bln alongside providing a US$1.9bln financing facility and funding an US$800mln equity rights issue.
Cineworld continued to underline that given the size of its existing debt to be released under the plan, current shareholders are going to be wiped out.
Shares in the company, down 97% over the past year, fell 10% in early trading but were flat by mid-morning.