Cineworld falls after co files for administration in UK

Cineworld

26/06/2023 08:14

** Shares of British cinema chain operator Cineworld Group
 CINE.L  down as much as 26.2% at 0.52p
    ** Co says it will file for administration in UK as part of
proposed restructuring plan
    ** Proposed restructuring involves release of about $4.53
bln of group's debt, execution of a rights offering to raise
gross proceeds of $800 mln and the provision of $1.46 bln in new
debt financing
    ** Adds once administrators are appointed, co's assets will
be transferred to a new company controlled by group's lenders
    ** Says administration application is only for the Cineworld
Group Plc itself, and not to any of the operating cos or units
in the rest of the group
    ** As per last close, stock was already down 79.9% YTD

 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))