REG - Cineworld Group plc - Update on Regal dissenting shareholders agreement

CineworldAnnouncement

01/02/2022 07:00

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RNS Number : 2311A  Cineworld Group plc  01 February 2022

FOR IMMEDIATE RELEASE

1 February 2022

 

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

Update on Regal dissenting shareholders agreement

 

 

Cineworld today announces that it has initiated discussions with former
dissenting shareholders of Regal Entertainment Group (the "Regal Litigation
Parties") in relation to a potential rescheduling of the Group's payment
obligations under the unsecured facility agreement relating to the settlement
reached with such shareholders (the "Unsecured Facility Agreement"), which was
announced on 10 September 2021. In order to facilitate these discussions,
Cineworld has obtained waivers of, or undertakings to waive, any events of
default arising from non-payment under the Unsecured Facility Agreement from
various other creditors. These creditors include certain holders of
Cineworld's guaranteed convertible bond due 2025 as well as the lenders under
certain of its existing debt facilities.

Cineworld has initiated discussions with the Regal Litigation Parties with the
aim of maximising its available liquidity and is hopeful that a satisfactory
agreement can be reached within the period afforded by the waivers.

A further announcement will be made as and when appropriate.

 

Cautionary note concerning forward looking statements

Certain statements in this announcement are forward looking and so involve
risk and uncertainty because they relate to events, and depend upon
circumstances that will occur in the future and therefore results and
developments can differ materially from those anticipated. The forward looking
statements reflect knowledge and information available at the date of
preparation of this announcement and the Group undertakes no obligation to
update these forward-looking statements.  Nothing in this announcement should
be construed as a profit forecast.

 

This announcement contains inside information. The person responsible for
arranging the release of this announcement on behalf of Cineworld is Nisan
Cohen, Chief Financial Officer.

 

Contacts:

 Cineworld            +44 (0) 20 8987 5000

 Israel Greidinger    investors@cineworld.co.uk

 Nisan Cohen

 Manuela Van Dessel

 Finsbury

 James Leviton        +44 (0)20 7251 3801

 Ed Treadwell         cineworld-lon@finsbury.com

 

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