Cineworld’s largest independent shareholder is selling almost all of its remaining stake after the ailing corporation admits it could file for bankruptcy in the US
Struggle: Cineworld is directed by brothers Mooky and Israel Greidinger
Cineworld’s largest independent shareholder has sold almost all of its remaining stake weeks after the ailing group admitted it could file for bankruptcy in the US.
Led by secretive Chinese entrepreneur Liu Zaiwang, Jangho Group was previously touted as a possible suitor for the chain.
She has reduced her stake from 11.6 percent to 1.6 percent in recent days.
The move dashed any hopes that Zaiwang could launch a takeover of the ailing company.
Cineworld is managed by the brothers Mooky and Israel Greidinger. The pair have led Cineworld to the brink of bankruptcy after racking up huge debt before the pandemic, when it was then forced to close its cinema complexes for months.
It has also racked up a £800million court bill over a botched deal to buy Canadian rival Cineplex.
Last month it admitted it needs more cash and is considering a major financial restructuring to stay afloat.
Zaiwang emerged as a shareholder in August 2020.
Until the stock sale, he was the second largest investor. He is now sixth.
