Cineworld said on Monday that as part of its proposed restructuring following Chapter 11, it expects to file for administration of its listed entity Cineworld plc in the UK but that its operating c…
said on Monday that as part of its proposed restructuring following Chapter 11, it expects to file for administration of its listed entity Cineworld plc in the UK but that its operating companies will continue business as usual without interruption.
in the U.S., filed for bankruptcy protection in the U.S. in September, with proceedings in the Southern District of Texas ongoing. It is expected to emerge from Chapter 11 in the first half of July in the U.S. International Exhibition & Distribution Execs On Need For Product, Collaboration & Premium Experiences - CineEurope
The proposed restructuring, when implemented, will transform the group’s balance sheet and provide it with significant additional liquidity to fund its long-term strategy. In particular, it will involve the release of approximately $4.53 billion of the group’s funded indebtedness, the execution of a rights offering to raise gross proceeds of $800 million and the provision of $1.46 billion in new debt financing.
Cineworld Group also said Monday that after an application to the UK’s Financial Conduct Authority, it is expected that the listing of its shares will be suspended shortly following any decision by the Board to make an application to appoint administrators, currently expected to take place in July. Cineworld further said that it expects to cancel its London listing and share trading at 8:00am on the business day following the actual appointment of administrators.
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