UK's Cineworld hits record low after filing for restructuring plan
11/04/2023 09:32
** Shares of Cineworld CINE.L down as much as 14.3% to
1.500p; its record low
** CINE among top pct losers across all London bourses
.PL.L
** The world's second-largest cinema chain operator files a
plan of reorganisation with the U.S. Bankruptcy Court for the
Southern District of Texas, Houston Division
** Says proposed restructuring does not provide for any
recovery for holders of its existing equity interests
** Co announced last week it intended to reduce debt by
about $4.53 bln, mainly through creditors getting equity in a
reorganised group, and a fund raise of $2.26 bln
** CINE says any sale transaction resulting from the
marketing process may delay emergence from U.S. Chapter 11
bankruptcy protection beyond first half of 2023
** Shares plunge about 58% so far this year as of last close
(Reporting by Anchal Rana in Bengaluru)
((Anchal.Rana@thomsonreuters.com; +91 9915609050;))