News, Culture & Society

Investor tipped to rescue Cineworld heads for exit

Cineworld’s biggest independent shareholder dumps almost its entire remaining stake after struggling group admits it could file for bankruptcy in US

Struggle: Cineworld is led by brothers Mooky and Israel Greidinger

Cineworld’s biggest independent shareholder has dumped almost its entire remaining stake weeks after the struggling group admitted it could file for bankruptcy in the US.

Jangho Group is led by secretive Chinese entrepreneur Liu Zaiwang and has previously been touted as a possible suitor for the chain. 

It has slashed its holding from 11.6 per cent to 1.6 per cent in recent days. 

The move will dash any hopes that Zaiwang could launch a takeover of the ailing company. 

Cineworld is led by brothers Mooky and Israel Greidinger. The pair have led Cineworld to the brink of insolvency after building huge debts before the pandemic, when it was then forced to shut its cinema complexes for months at a time. 

It has also racked up an £800million legal bill over a botched deal to buy Canadian rival Cineplex. 

Last month, it admitted it needs more cash and is considering a large financial restructuring to stay afloat. 

Zaiwang emerged as a shareholder in August 2020. 

Until the stock sale he was the second biggest investor. He is now sixth.

***
Read more at DailyMail.co.uk