Giant theater chain Cineworld will convene a meeting of its shareholders on April 20 related to the Chapter 11 process currently underway in a Texas bankruptcy court
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The purpose — “allowing shareholders to consider whether any, and if so what, steps should be taken to deal with the situation.”That said, there isn’t much stockholders can actually do beyond “consider” as they’re set to be wiped out, something the company acknowledged, saying, “It is not expected that any plan of reorganisation or sale transaction would result in any recovery for Cineworld’s shareholders.
A marketing process to sell the company is still proceeding on a separate, simultaneous track for assets including Regal in the U.S.; Cineworld and Picturehouse in the UK and Ireland; and “rest of world”— or cinemas in Central and Eastern Europe, and Israel.
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