It said it had received initial proposals from a number of counterparties but none offered an all-cash bid for the entire company. Cineworld said talks with certain stakeholders about a possible plan of reorganisation were ongoing in parallel with a potential sale of assets, but neither path would see shareholders recover their equity interest. Cineworld had a net debt of $8.81 billion as of June 30, 2022, including lease liabilities, while its cash reserves had dwindled to $131 million. Larger rival AMC Entertainment Holdings (AMC.N) in December had said its talks to buy some theatres owned by Cineworld had fallen through. Sky News reported earlier this month that London-based cinema operator Vue International, with support from two funds, would be among the bidders for Cineworld.

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