Brief: Cineworld Group Expects To Emerge From Chapter 11 Cases During First Half Of 2023

Cineworld

24/02/2023 07:27

Feb 24 (Reuters) - Cineworld Group PLC  CINE.L :
    * UPDATE ON CHAPTER 11 CASES
    * DOES NOT BELIEVE THAT THERE WILL BE SUFFICIENT CREDITOR
SUPPORT
FOR A PLAN THAT CONTEMPLATES ANY RECOVERY FOR EQUITY INTERESTS
    * NOT EXPECTED AT THIS TIME THAT ANY PLAN WILL PROVIDE ANY
RECOVERY FOR HOLDERS OF CINEWORLD'S EXISTING EQUITY INTERESTS
    * NOW EXPECTS TO EMERGE FROM CHAPTER 11 CASES DURING FIRST
HALF OF
2023
    * COMPANY HAS NOW RECEIVED NON-BINDING PROPOSALS FROM A
NUMBER OF
POTENTIAL TRANSACTION COUNTERPARTIES FOR SOME OR ALL OF GROUP'S
BUSINESS
    * DISCUSSIONS BETWEEN COMPANY AND CERTAIN OF ITS
STAKEHOLDERS
REGARDING A POTENTIAL PLAN ARE PROGRESSING
    * COMPANY REMAINS COMMITTED TO EMERGING FROM CHAPTER 11
CASES AS
EXPEDITIOUSLY AS POSSIBLE.
    * CONTINUES TO OPERATE ITS GLOBAL BUSINESS AND CINEMAS AS
USUAL
WITHOUT INTERRUPTION
    * NONE OF THESE PROPOSALS INVOLVES AN ALL-CASH BID FOR
ENTIRE
BUSINESS.
    * NO DECISION HAS BEEN MADE AS TO WHETHER TO PURSUE A SALE
TRANSACTION

Source text for Eikon:  ID:nRSX9187Qa 
Further company coverage:  CINE.L 
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