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AMC Entertainment Holdings, Inc. was previously reported to be interested in acquiring the bankrupt Cineworld’s cinemas. However, in the latest update, it was said that the company is now halting its plans to buy the said properties.
As per Reuters, AMC Entertainment withdrew from the talks related to the acquisition of the Cineworld theaters. The collapse of the negotiations was said to have sent Cineworld’s shares spiraling down by five percent on Wednesday afternoon.
The failed talks were revealed through the regulatory filings. It was stated in the documents that the movie theater chain headquartered in Missouri is no longer in talks to buy some cinemas owned by the Cineworld Group.
Previously, AMC said that it is eyeing the purchase of several theaters in Europe and the United States. In the initial plan, the deal would be partly financed through the issuance of its preferred stock and debt financing that will be provided by lenders.
During the talks, AMC Entertainment revealed that Cineworld did not present any confidential information, compilations, analysis, forecasts, or any other pertinent documents to the lenders. The company further said that they were not able to reach a definitive deal related to any proposal to the debtors in the Cineworld bankruptcy case thus there is no assurance that it will go back t the negotiating table for a deal.
“A definitive agreement with the lenders has not been reached regarding the terms of any proposal to be presented to the debtors in the Cineworld cases, and at this time negotiations are not continuing,” Independent quoted AMC as saying in the SEC filing.
The company added in a cautionary statement, “While AMC reserves the right to continue to explore the acquisition of value-enhancing strategic assets, there can be no assurance that AMC will resume any discussions with the lenders or if it were to do so, that it would be able to agree with lenders or any other party as to the terms of a mutually acceptable proposal.”
Photo by: Donreál Lunkin/Unsplash
