Troubled Cineworld targeted by private equity giants CVC and Elliott

Troubled Cineworld targeted by private equity giant CVC Partners and hedge fund Elliott Management

CVC Capital Partners and Elliott Management have tabled bids for parts of troubled Cineworld. 

Private equity group CVC and hedge fund Elliott are in talks about making bids for the cinema group’s operations in eastern Europe and Israel, according to Sky News. 

But neither party is looking at a deal that would include Cineworld’s UK or US businesses. 

Bidding war: The pandemic battered Cineworld – which will be hoping for success with the release of blockbusters such as Indiana Jones And The Dial of Destiny (pictured)

The pandemic battered the cinema chain – which will be hoping for success with films such as Indiana Jones and the Dial of Destiny, starring Harrison Ford and Phoebe Waller-Bridge, this year – and it has also had a torrid time after the lockdowns. 

The company filed for so-called Chapter 11 bankruptcy protection in a Texas court in September after collapsing with almost £5billion of debt. 

Shareholders look set to be wiped out, with the London-listed business saying rescue options are unlikely to offer any recovery for investors. 

Cineworld, Elliott Management and CVC Capital Partners declined to comment yesterday