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Future Of The Isle of Wight's Cineworld In Doubt

The Isle of Wight's Cineworld could be at risk of closure after the company issued an important update about its future.

The cinema giant said it had been approached by a "number" of potential suitors, after it filed for bankruptcy last year.

But, it's understood, none of them are willing to buy the whole business, which is currently £5 Billion in debt.

As a result, the future of all 129 UK and Irish cinemas is at risk - including Newport.

Last week, 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,”

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