Shares of Cineworld slumped as much as 22% today after media reports said the world's second-largest cinema operator had received 40 non-binding bids.
But none were for its UK and US assets or neared its $6 billion secured debt load.
The reports cited company counsel Joshua Sussberg's comments to the US Bankruptcy Court in Houston, where he also said the initial bids received by a February 16 deadline were all for the rest of Cineworld's global assets, mainly for cinemas in central Europe, eastern Europe and Israel.
In January, the company said it would focus on a sale of the group as a whole rather than individual assets, months after the British cinema operator filed for US bankruptcy protection in its bid to restructure debt and strengthen its balance sheet.
When requested by Reuters, Cineworld did not immediately confirm details of the update it provided to the court.
The reports also said the company was proposing an April 10 deadline for final bids, with an auction, if necessary, to follow on April 17.
A vote on restructuring has been set for May 21, with a court confirmation hearing tentatively set for May 30.
"The deadline for bids is early April, so the clock is ticking and after that, one of the few remaining options available to the firm would be a debt-for-equity swap," said AJ Bell analyst Russ Mould.
Shares of the Regal Cinemas owner have lost about 98% of their value since the start of 2020, when the Covid-19 pandemic and related restrictions battered its operations.
Last month, Bloomberg News reported that Cineworld has closed 23 sites since filing for bankruptcy protection and was planning more closures.
