Rugby film fans on alert as Cineworld issues update on its future plans
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The chain revealed last year its global operations were facing financial difficulties and it had filed for bankruptcy protection in the US, a measure intended to give it breathing space to come up with a plan for the way forward.
Rugby and its other cinemas have remained open through all this.
Its update reveals that while it is hoping for a way out of its current position in the first half of this year through a reorganisation and a potential sale, the way forward is not yet clear.
The statement released on Friday said: “The company has now received non-binding proposals from a number of potential transaction counterparties for some or all of the group's business. None of these proposals involves an all-cash bid for the entire business.
“The company is reviewing such proposals in conjunction with its advisers and key stakeholders and, whilst no decision has been made as to whether to pursue a sale transaction, and the terms of any such transaction remain uncertain, based on the proposals received to date, it is not expected that any sale transaction will provide any recovery for the holders of the company's equity interests.”
It went on to stress its cinemas continued to operate – it has other brands such as Picture House – and that it continues to honour the terms of its member programmes, which includes Cineworld Unlimited.
Current films on show in Rugby include Ant-Man and the Wasp: Quantumania, Cocaine Bear, Epic Tails and Magic Mike’s Last Dance.