UK's Cineworld to file for administration as part of restructuring (updated)

Cineworld

26/06/2023 07:17

(Adds background in paragraphs 3,4)
       June 26 (Reuters) - 
    British cinema chain operator Cineworld Group  CINE.L  on
Monday said it will file for administration as part of a
proposed restructuring plan. 
    The proposed restructuring will involve the release of about
$4.53 billion of the group's funded indebtedness, the execution
of a rights offering to raise gross proceeds of $800 million and
provision of $1.46 billion in new debt financing, the company
said. 
    The world's second-largest movie theatre chain operator
filed for U.S. bankruptcy protection in September, hoping to
restructure its massive debt.
        In May, the company said that it expects to emerge from
Chapter 11 bankruptcy protection in July, adding that its
proposed debt restructuring had the backing of most of its
lenders.
  
        The company on Monday said it still expects to emerge
from Chapter 11 bankruptcy in July. 
  
        
  
        
  
    

 (Reporting by Eva Mathews in Bengaluru; Editing by Dhanya Ann
Thoppil)
 ((Eva.Mathews@thomsonreuters.com;))