Brief: Cineworld Group Says U.S. court approves Co's restructuring plan

Cineworld

29/06/2023 07:16

June 29 (Reuters) - Cineworld  CINE.L :
    * GROUP PLC  - CONFIRMATION OF PLAN OF REORGANISATION
    * SAYS CINEWORLD CONTINUES TO EXPECT TO EMERGE FROM CHAPTER
11
CASES IN JULY 2023
    * CONTINUES TO EXPECT TO EMERGE FROM CHAPTER 11 CASES IN
JULY 2023
    * US BANKRUPTCY COURT FOR SOUTHERN DISTRICT OF TEXAS,
HOUSTON
DIVISION CONFIRMED THEIR THIRD AMENDED JOINT CHAPTER 11 PLAN OF
REORGANISATION
    * SAYS PLAN INVOLVES RELEASE OF APPROXIMATELY $4.53 BILLION
OF
GROUP'S FUNDED INDEBTEDNESS
    * PLAN INVOLVES RELEASE OF APPROXIMATELY $4.53 BILLION OF
GROUP'S
FUNDED INDEBTEDNESS
    * ON 28 JUNE 2023, GROUP CHAPTER 11 COMPANIES FILED AN
UPDATED
SUPPLEMENT TO PLAN WITH BANKRUPTCY COURT
    * PLAN INVOLVES EXECUTION OF BACKSTOPPED RIGHTS OFFERING TO
RAISE
GROSS PROCEEDS OF $800 MILLION AND PROVISION OF $1.46 BILLION IN
NEW DEBT FINANCING
    * CONTINUES TO OPERATE ITS GLOBAL BUSINESS AND CINEMAS AS
USUAL
WITHOUT INTERRUPTION
    * PLAN CONTEMPLATES THAT A NEWLY INCORPORATED COMPANY WILL
BECOME
SOLE OWNER OF GROUP UPON EMERGENCE FROM CHAPTER 11 CASES
    * SAYS AS PREVIOUSLY ANNOUNCED, THERE WILL NOT BE ANY
RECOVERY FOR
HOLDERS OF CINEWORLD'S EXISTING EQUITY INTERESTS
    * IN ACCORDANCE WITH TERMS OF PLAN, A NEW BOARD OF DIRECTORS
FOR
NEWCO WILL BE APPOINTED AS OF EFFECTIVE DATE OF PLAN
    * AS PART OF PLAN SUPPLEMENT, GROUP CHAPTER 11 COMPANIES
EXPECT
NEWCO BOARD TO INCLUDE ERIC FOSS AS CHAIRMAN
    * UNDERSTANDS THAT SELECTION OF ADDITIONAL NEWCO BOARD
MEMBERS IS
ONGOING
    * SAYS GROUP CONTINUES TO OPERATE ITS GLOBAL BUSINESS AND
CINEMAS
AS USUAL WITHOUT INTERRUPTION

Source text for Eikon:  ID:nRSc3056Ea 
Further company coverage:  CINE.L 

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