Cineworld Gets Deal Proposals: The London Rush

Cineworld, the world’s second-largest movie theatre chain, received several non-binding takeover proposals as it goes through Chapter 11 bankruptcy proceedings. British Airways owner IAG, meanwhile, said it’s enjoying strong bookings into 2023 and predicted a further recovery as the aviation industry emerges from the pandemic.

(Bloomberg) — Cineworld, the world’s second-largest movie theatre chain, received several non-binding takeover proposals as it goes through Chapter 11 bankruptcy proceedings. British Airways owner IAG, meanwhile, said it’s enjoying strong bookings into 2023 and predicted a further recovery as the aviation industry emerges from the pandemic.

Here’s the key business news from London this morning:

In The City

Cineworld Group Plc: The company said it received non-binding proposals from a number of counterparties for some or all of its operations, although none involves an all-cash bid for the entire business.

The London-based firm expects to emerge from the Chapter 11 cases during the first half, although any sale transaction may delay emergence
Cineworld filed for Chapter 11 protection in Texas in September, after Covid-19 shutdowns hampered income and delayed movie releases, forcing it to reckon with a heavy debt load

International Consolidated Airlines Group S.A.: The British Airways owner said it’s enjoying strong bookings into this year, led by holiday travel and stable business trips, and predicted a further recovery in 2023 as the aviation industry emerges from its worst-ever crisis sparked by the pandemic.

IAG agreed to buy the remaining 80% of of Air Europa for €400 million, saying the deal will allow its Madrid hub to compete on “equal footing” with other European hubs and consolidate IAG’s position in the South Atlantic

Jupiter Fund Management Plc: The asset manager failed to stop clients yanking money from its funds for a fifth year in a row.

“The past year has clearly been difficult, with macro-economic events significantly impacting investor sentiment and asset valuations,” said Matthew Beesley, who became the firm’s chief executive officer in October

Vodafone Group Plc: Germany’s 1&1 plans to file a complaint with the country’s cartel office today over “ongoing obstacles” to the rollout of its 5G mobile network.

1&1 said Vodafone informed the company that there’ll be delays, adding it expects targets for the first quarters of 2023 to be “missed by a wide margin” as a result

In Westminster

The government has sanctioned 92 individuals and entities connected to Russia on the one year anniversary of the invasion of Ukraine, including President Vladimir Putin’s former chief of security and the CEO of Nord Stream 2.

“Keir Starmer’s missions for the UK are vague, but it’s the ambition that matters for now,” writes Bloomberg Opinion’s Therese Raphael.

Boris Johnson, meanwhile, refused to commit to backing a deal on Northern Ireland being negotiated with the European Union by Rishi Sunak, his first public comments on the matter.