Brief: Cineworld Group Says To File For Administration

Cineworld

26/06/2023 07:18

June 26 (Reuters) - Cineworld Group PLC  CINE.L :
    * CHAPTER 11 UPDATE
    * PLAN WAS FILED WITH BANKRUPTCY COURT ON 26 APRIL 2023 AND
CONTEMPLATES A PROPOSED RESTRUCTURING OF GROUP
    * PROPOSED RESTRUCTURING WILL INVOLVE RELEASE OF
APPROXIMATELY
$4.53 BILLION OF GROUP'S FUNDED INDEBTEDNESS
    * BOARD WILL APPLY TO COURT IN ENGLAND FOR AN ADMINISTRATION
ORDER
IN RESPECT OF CINEWORLD GROUP PLC.
    * PROPOSED RESTRUCTURING DOES NOT PROVIDE FOR ANY RECOVERY
FOR
HOLDERS OF CINEWORLD'S EXISTING EQUITY INTERESTS
    * CINEWORLD CONTINUES TO EXPECT TO EMERGE FROM CHAPTER 11
CASES IN
JULY 2023
    * GROUP CHAPTER 11 COMPANIES ARE SEEKING TO CONFIRM PLAN ON
AN
EXPEDITIOUS TIMELINE
    * PROPOSED RESTRUCTURING INVOLVES EXECUTION OF RIGHTS
OFFERING TO
RAISE PROCEEDS OF $800 MILLION & PROVISION OF $1.46 BILLION IN
NEW DEBT FINANCING
    * CERTAIN CREDITOR APPROVALS, AMONG OTHER REQUIREMENTS, WILL
NEED
TO BE OBTAINED IN ORDER FOR BANKRUPTCY COURT TO CONFIRM PLAN
    * EXPECTED THAT LISTING OF CINEWORLD GROUP ON LONDON STOCK
EXCHANGE PLC'S MAIN MARKET FOR LISTED SECURITIES WILL BE
SUSPENDED SHORTLY
    * CONTINUES TO HONOUR TERMS OF ALL EXISTING CUSTOMER
MEMBERSHIP
PROGRAMMES
    * PROPOSED RESTRUCTURING WILL NOT ACHIEVE A RESCUE OF
CINEWORLD
GROUP PLC ITSELF
    * CONTINUES TO OPERATE GLOBAL BUSINESS THIS WILL NOT BE
AFFECTED
BY ENTRY OF CINEWORLD GROUP PLC INTO ADMINISTRATION

Source text for Eikon:  ID:nRSZ8110Da 
Further company coverage:  CINE.L 

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