Troubled Cineworld targeted by private equity giant CVC Partners and hedge fund Elliott Management
CVC Capital Partners and Elliott Management have submitted bids for parts of troubled Cineworld.
Private equity group CVC and hedge fund Elliott are in talks to make bids for the cinema group’s operations in Eastern Europe and Israel, according to Sky News.
But neither side is looking at a deal that would include Cineworld’s UK or US companies.
Bidding war: The pandemic has ravaged Cineworld – which hopes for success with the release of blockbusters like Indiana Jones And The Dial Of Destiny (pictured)
The pandemic has ravaged the cinema chain – which is hoping for success this year with films like Indiana Jones and the Dial of Destiny, starring Harrison Ford and Phoebe Waller-Bridge – and has also had a torrid post-lockdown time.
The company filed for so-called Chapter 11 bankruptcy protection in a Texas court in September after it collapsed with nearly £5 billion in debt.
Shareholders appear to be wiped out, with the London-listed company saying rescue options are unlikely to provide a recovery for investors.
Cineworld, Elliott Management and CVC Capital Partners declined to comment yesterday