By Ian Walker
Cineworld Group PLC said Tuesday that neither the company nor its advisors are in talks with AMC Entertainment Holdings Inc. regarding the sale of its cinema assets.
The London-based cinema company–which owns Regal Cinemas–added that it has been in talks with its key stakeholders since September to develop a Chapter 11 reorganization plan to maximize value for moviegoers and other stakeholders.
Alongside these talks–which are continuing–the company plans to run a marketing process for its assets, focused on the group as a whole. However, the company hasn’t started any process for the sale of its assets on an individual basis or the sale of Cineworld itself, it said.
In a securities filing on Dec. 21 AMC said it had held discussions regarding a potential strategic acquisition of theaters from its rival Cineworld.
A definitive agreement with Cineworld’s lenders hadn’t been reached, and negotiations weren’t continuing, AMC said in the filing. The company said at the time that it “reserves the right to continue to explore the acquisition of value enhancing strategic assets.”
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