THE long-term future of Cineworld in St Helens remains uncertain as the company struggles to sell the business following six months in bankruptcy.

In September 2022, it was announced that Cineworld had filed for bankruptcy in the US after accumulating billions of dollars in debt during the pandemic.

The bankruptcy proceedings have not affected the 100+ cinemas that Cineworld owns in the UK, including Cineworld in St Helens, but there remain question marks over what the future holds as the company struggles to sell to potential buyers.

No bids for the whole business, including UK-owned cinemas

On Friday, February 24, the cinema chain announced that it had received a number of offers from potential buyers as it aims to come out of bankruptcy.

However, it had not received any cash bids for the entire business which has a £5 billion pile of debt.

Interest from potential buyers is believed to have been for theatres in Central and Eastern Europe, and not the UK and US bulk of cinemas.

Following this announcement last week, Cineworld's shares plummeted and any deal it does strike is expected to wipe out its shareholders and make an impact on the company's wider operations.

Statement from Cineworld

A spokesperson for Cineworld 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.”