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

CineworldAnnouncement

04/05/2022 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:20220504:nRSD2475Ka&default-theme=true

RNS Number : 2475K  Cineworld Group plc  04 May 2022

FOR IMMEDIATE RELEASE

 4 May 2022

 

 

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

 

 

Update on Regal dissenting shareholders agreement

 

On 18 February 2022, Cineworld announced that it had agreed with the former
dissenting shareholders of Regal Entertainment Group (the "Regal Litigation
Parties") a revised schedule of payment obligations under the unsecured
facility agreement relating to the settlement reached with them in September
2021 (the "Unsecured Facility Agreement"). Cineworld today announces that it
has approached the Regal Litigation Parties to engage in discussions in
relation to a further rescheduling  of the Group's payment obligations under
the Unsecured Facility Agreement. In order to facilitate these discussions,
Cineworld has obtained from lenders under certain of its debt facilities
waivers of, or undertakings to waive, any events of default arising under
those facilities as a result of non-payment under the Unsecured Facility
Agreement. Cineworld also expects to obtain equivalent waivers from holders
of its guaranteed convertible bonds due 2025.

 

Cineworld has chosen to initiate these discussions with the aim of maximising
its available liquidity and is hopeful that a satisfactory agreement can be
reached.

 

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.

 

Contacts:

 

Cineworld

 

Israel Greidinger

Nisan Cohen

Manuela Van Dessel

 

+44 (0) 20 8987 5000

 

investors@cineworld.co.uk (mailto:investors@cineworld.co.uk)

 

 

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  MSCUPUWUAUPPUAC