REG - Cineworld Group plc - Response to media speculation

CineworldAnnouncement

22/08/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220822:nRSV6936Wa&default-theme=true

RNS Number : 6936W  Cineworld Group plc  22 August 2022

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN WHOLE
OR IN PART IN, INTO OR FROM THE UNITED STATES OF AMERICA OR ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION

 

22 August 2022

 

Cineworld Group plc ("Cineworld" or the "Group")

 

Response to media speculation

 

In response to media speculation, Cineworld is today providing an update to
its announcement on 17 August 2022 regarding an evaluation of strategic
options to both obtain additional liquidity and potentially restructure its
balance sheet through a comprehensive deleveraging transaction.

 

Cineworld and Regal theaters globally are open for business as usual and
continue to welcome guests and members.

 

The strategic options through which Cineworld may achieve its restructuring
objectives include a possible voluntary Chapter 11 filing in the United States
and associated ancillary proceedings in other jurisdictions as part of an
orderly implementation process. Cineworld is in discussions with many of its
major stakeholders including its secured lenders and their legal and financial
advisers.

 

Any such filing would be expected to allow the Group to access near-term
liquidity and support the orderly implementation of a fully funded
deleveraging transaction.  Cineworld would expect to maintain its operations
in the ordinary course until and following any filing and ultimately to
continue its business over the longer term with no significant impact upon its
employees. As previously announced, any deleveraging transaction would,
however, result in very significant dilution of existing equity interests in
Cineworld.

 

Cineworld's evaluation of these strategic options remains ongoing. A further
announcement will be made if and when appropriate.

 

Contacts:

 

 Cineworld Group plc:
 Israel Greidinger
 Nisan Cohen
 Manuela Van Dessel
 +44 (0)20 8987 5000

 investors@cineworld.co.uk

 FGS Global:
 James Leviton
 James Thompson
 Ed Treadwell
 +44 (0)20 7251 3801
 cineworld-lon@fgsglobal.com (mailto:cineworld-lon@fgsglobal.com)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  SPCPBMLTMTBTBBT