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#Cineworld Denies Talks With AMC Theatres, Will Focus on Group Sale Rather Than Split Assets

Cineworld Denies Talks With AMC Theatres, Will Focus on Group Sale Rather Than Split Assets

Bankrupt exhibition giant Cineword, which filed for Chapter 11 in the U.S. in September, has said it is holding out for a buyer for its entire business, denying reports that it has been looking to sell off individual assets. It also clarified that there had been no discussion with AMC over the sale of its cinemas.

The assertions come following a filing by AMC in December in which it said there had been talks with Cineworld lenders related to the Chapter 11 bankruptcy and involving theaters in the both the U.S. and Europe.

“In light of recent media reports, Cineworld would like to clarify that neither it nor its advisers have participated in discussions with AMC Entertainment Holdings, Inc. regarding the sale of any of its cinema assets,” it said in a statement Tuesday. “Cineworld also understands that neither the ad hoc group of lenders under the Group’s 2018 credit facility nor its advisers were party to discussions with AMC.”

Cineworld, which also operates Regal in the U.S. and the arthouse focused Picturehouse chain in the U.K., instead said it would be “focused on proposals for the group as a whole.”

The world’s second largest chain (after AMC), Cineworld filed for bankruptcy protection after failing to bounce back from COVID-related closures, which saw the accumulation of $4.8 billion in debts. It has also had to contend with the fallout of its abandoned takeover of Canadian chain Cineplex, which left the company facing a $1 billion compensation bill.

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