Lede

Cineworld's shares fell more than 30% after Regal Cinemas announced its plan to terminate the sale of its US, UK, and Irish businesses and Cineworld unveiled a debt restructuring plan.

Summary

• Cineworld's shares fell more than 30% after Regal Cinemas announced its plan to terminate the sale of its US, UK, and Irish businesses.
• Cineworld also unveiled a debt restructuring plan with lenders to help it exit bankruptcy.
• The debt restructuring will see lenders reduce Cineworld's debt pile by $4.5 billion and receive equity in the reorganized group; provide $1.46 billion in new debt; and backstop an $800 million share issue.
• The company said it had received offers for its businesses in other parts of the world and was considering them.
• Cineworld will abandon plans to sell its US, UK, and Ireland arms unless it receives an “all-cash bid” significantly higher than the current value of the businesses.
• Cinema operators, including Cineworld, are coming up with creative ways to claw back revenue.
• After two rounds of closures in the United States, around 500 Cineworld theaters remain across the country.