Cineworld files restructuring plan in US (updated)
11/04/2023 07:32
(Adds details from statement, background on bankruptcy)
April 11 (Reuters) - Cineworld CINE.L , the world's
second-largest cinema chain operator, said on Tuesday it had
filed a plan of reorganisation with the U.S. Bankruptcy Court
for the Southern District of Texas, Houston Division.
The company had placed a majority of its business under
U.S. Chapter 11 bankruptcy protection in September.
The development comes a week after the operator dropped
plans to sell its businesses in the United States, the UK, and
Ireland after it failed to find a buyer, and proposed a new debt
deal.
The proposed restructuring does not provide for any recovery
for holders of its existing equity interests, the struggling
cinema chain said on Tuesday.
Cineworld, which expects to emerge from Chapter 11 is
the first half of 2023, also said any sale transaction resulting
from the marketing process may delay emergence beyond the first
half.
(Reporting by Radhika Anilkumar in Bengaluru; editing by
Uttaresh Venkateshwaran)
((Radhika.Anilkumar@thomsonreuters.com;))