REG - Cineworld Group plc - Entry of Cineworld Group plc into Administration

CineworldAnnouncement

31/07/2023 15:15

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RNS Number : 7792H  Cineworld Group plc  31 July 2023

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CINEWORLD GROUP PLC (in administration)

("Cineworld" or the "Company")

Entry of Cineworld Group plc into Administration

Further to its announcement on 28 July 2023, Cineworld (together with its
subsidiaries, the "Group") announces that, following an application by
Cineworld Group plc to the High Court in London and as part of the steps to
implement the restructuring of the Group, Cineworld Group plc has entered
administration today pursuant to a court order under the Insolvency Act 1986
and Simon J Appell, Ian J Partridge and Catherine M Williamson of AlixPartners
UK LLP have been appointed as joint administrators of Cineworld Group plc (the
"Joint Administrators").

The administration order applies only to Cineworld Group plc itself (as the
listed parent company of the Group) and not to any of the operating companies
or subsidiaries in the rest of the Group, and will not affect the status or
rights of any of the Group's employees.  As previously announced by
Cineworld, the restructuring of the Group, which will be implemented by way of
the administration process, will transform the Group's balance sheet and
provide it with significant additional liquidity to fund its long-term
strategy.

Cineworld further announces that, following an application by Cineworld to the
Financial Conduct Authority (the "FCA"), the listing of Cineworld Group plc's
ordinary shares (the "Shares") on the Official List of the FCA will be
cancelled with effect from 8.00 a.m. (London time) tomorrow morning.  The
Shares will cease to be admitted to trading on the main market for listed
securities of the London Stock Exchange plc with effect from the same time.

Should you have any queries, please do not hesitate to contact us at:

General enquiries: cineworldgroupplc@alixpartners.com

Press enquiries: mediarelations@alixpartners.com

Business as usual

The Group continues to operate its global business and cinemas as usual
without interruption and this will not be affected by today's appointment of
the Joint Administrators nor by the cancellation of Cineworld Group plc's
listing.  The Group and its brands around the world - including Regal, Cinema
City, Picturehouse and Planet - are continuing to welcome customers to cinemas
as usual.  The Group continues to honour the terms of all existing customer
membership programmes, including Regal Unlimited and Regal Crown Club in the
United States and Cineworld Unlimited in the United Kingdom.

Additional information

Information regarding Cineworld's Chapter 11 cases is available at the
following website: https://cases.ra.kroll.com/cineworld
(https://cases.ra.kroll.com/cineworld) .

About Cineworld

Cineworld was founded in 1995 and is now one of the leading cinema groups in
Europe. Cineworld's acquisition of Regal Entertainment Group has created the
second largest cinema business in the world (by number of screens). Cineworld
currently operates in the United Kingdom, Ireland, Poland, the Czech Republic,
Slovakia, Hungary, Bulgaria, Romania, Israel and the United States.

About AlixPartners

AlixPartners is a results-driven global consulting firm that specialises in
helping businesses successfully address their most complex and critical
challenges.  Our clients include companies, corporate boards, law firms,
investment banks, and others.  Founded in 1981, AlixPartners is headquartered
in New York and has offices in more than 20 cities around the world.  For
more information, visit www.alixpartners.com (http://www.alixpartners.com) .

Forward looking statements

This announcement is not intended to and does not constitute and should not be
construed as, considered a part of, or relied on in connection with any
information or offering memorandum, security purchase agreement, or offer,
invitation or recommendation to underwrite, buy, subscribe for, otherwise
acquire, or sell any securities or other financial instruments or interests or
any other transaction.

This announcement contains certain forward-looking statements with respect to
the financial condition, results of operations and business of the Group and
certain plans and objectives with respect thereto, including with respect to
the Group's ordinary shares. These forward-looking statements can be
identified by the fact that they do not relate only to historical or current
facts. Forward-looking statements often use words such as "anticipate",
"target", "expect", "estimate", "intend", "plan", "goal", "believe", "hope",
"aims", "continue", "will", "may", "should", "would", "could", or other words
of similar meaning. These statements are based on assumptions and assessments
made by the Group in light of their experience and their perception of
historical trends, current conditions, future developments and other factors
the Group believes appropriate. By their nature, forward-looking statements
involve risk and uncertainty, because they relate to events and depend on
circumstances that will occur in the future and the factors described in the
context of such forward-looking statements in this document could cause actual
results and developments to differ materially from those expressed in or
implied by such forward-looking statements. Although it is believed that the
expectations reflected in such forward-looking statements are reasonable, no
assurance can be given that such expectations will prove to have been correct
and you are therefore cautioned not to place undue reliance on these
forward-looking statements which speak only as at the date of this document.
The Group does not assume any obligation to update or correct the information
contained in this document (whether as a result of new information, future
events or otherwise), except as required by applicable law.

There are several factors which could cause actual results to differ
materially from those expressed or implied in forward-looking statements.
Among the factors that could cause actual results to differ materially from
those described in the forward-looking statements are changes in the global,
political, economic, business, competitive, market and regulatory forces,
future exchange and interest rates, changes in tax rates and future business
combinations or dispositions (including any potential sale by the Group) and
the risks, uncertainties and costs related to the Chapter 11 cases.

Nothing in this announcement is intended as a profit forecast or estimate for
any period and no statement in this announcement should be interpreted to mean
that earnings, profit or earnings or profit per share or dividend per share
for the Group for the current or future financial years would necessarily
match or exceed the historical published earnings, profit or earnings or
profit per share or dividend per share for the Group.

Simon J Appell, Ian J Partridge and Catherine M Williamson were appointed
Joint Administrators of the Company.  Simon J Appell, Ian J Partridge and
Catherine M Williamson are licensed in the UK by the Insolvency Practitioners
Association.  The affairs, business and property of the Company are being
managed by the Joint Administrators, who act as agents of the Company without
personal liability.

 

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