Brief: Cineworld Reaches Agreement With Lenders To Emerge From Bankruptcy Proceedings

Cineworld

03/04/2023 07:17

April 3 (Reuters) - Cineworld Group PLC  CINE.L :
    * CHAPTER 11 UPDATE
    * CHAPTER 11 UPDATE
    * ANNOUNCES CONDITIONAL AGREEMENT WITH LENDERS TO EMERGE
FROM
CHAPTER 11 WITH STRONG FINANCIAL PLATFORM TO DELIVER LONG-TERM
STRATEGY
    * IF IMPLEMENTED, PROPOSED RESTRUCTURING IS EXPECTED TO
REDUCE
GROUP CHAPTER 11 COMPANIES' FUNDED INDEBTEDNESS BY APPROXIMATELY
$4.53 BILLION
    * IF IMPLEMENTED, PROPOSED RESTRUCTURING IS EXPECTED TO
RAISE $800
MILLION IN AGGREGATE GROSS PROCEEDS
    * PROPOSED RESTRUCTURING DOES NOT PROVIDE ANY RECOVERY FOR
HOLDERS
OF CINEWORLD'S EXISTING EQUITY INTERESTS
    * IF IMPLEMENTED, PROPOSED RESTRUCTURING IS EXPECTED TO
PROVIDE
$1.46 BILLION (NET OF ORIGINAL ISSUE DISCOUNT) IN NEW DEBT
FINANCING
    * ABSENT ALL-CASH BID, MARKETING PROCESS AS IT RELATES TO
GROUP'S
BUSINESS IN US, UK AND IRELAND WILL BE TERMINATED
    * CONTINUE TO CONSIDER PROPOSALS THAT WERE RECEIVED IN
RESPECT OF
ITS 'REST OF WORLD' BUSINESS (OUTSIDE OF US, UK AND IRELAND)
    * EXPECTED THAT PLAN TO PROVIDE SUFFICIENT FLEXIBILITY TO
ACCOMMODATE SALE OF ROW BUSINESS
    * DURING RESTRUCTURING PROCESS, CINEWORLD CONTINUES TO
OPERATE ITS
GLOBAL BUSINESS AND CINEMAS AS USUAL WITHOUT INTERRUPTION

Source text for Eikon:  ID:nRSC0478Va 
Further company coverage:  CINE.L 

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