Cinema chain operator Cineworld expects to exit Chapter 11 bankruptcy in July (updated)

Cineworld

25/05/2023 07:25

(Adds detail on bankruptcy filing, settlement with lenders
earlier this month)
       May 25 (Reuters) - Cineworld  CINE.L  expects to emerge
from Chapter 11 bankruptcy protection in July, the British
cinema chain operator said on Thursday, adding that its proposed
restructuring received the support of lenders holding about 99%
of its legacy debt facilities. 
    The world's second largest movie theatre chain operator
after AMC Entertainment  AMC.N  had filed for U.S. bankruptcy
protection in September to try and restructure its massive debt.
  
    Earlier this month, Cineworld received U.S. court approval
to raise $2.26 billion as part of its bid to exit from
bankruptcy, after reaching a settlement with a minority faction
of lenders that had opposed parts of the exit financing.
        Cineworld, which had scrapped plans to sell some or all
its businesses after failing to find a buyer, is scheduled to
seek final court approval of its bankruptcy restructuring on
June 12.

 (Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry
Jacob-Phillips and Shailesh Kuber)
 ((Yadarisa.Shabong@thomsonreuters.com; +91 9742735150;))