National CineMedia to emerge from bankruptcy in August or September

National CineMedia

27/06/2023 22:08

June 27 (Reuters) - National CineMedia LLC said on
Tuesday it would emerge from Chapter 11 on or around August or
September as its reorganization plan has been confirmed by the
U.S. Bankruptcy Court for Southern District of Texas.
    The biggest movie-theater advertising firm in North America
will maintain its existing corporate structure with listed
holding company National CineMedia Inc  NCMI.O  after emerging
from bankruptcy protection.
    National CineMedia's shares rose as much as 41% in extended
trading.
    National CineMedia LLC had filed for Chapter 11 bankruptcy
protection in April and said it had entered into a restructuring
agreement with its lenders, underscoring the challenges facing
the cinema industry, which is yet to bounce back from the
pandemic slump.
    The company will also enter into a $55 million exit
financing facility, which it would use to fund operations and
growth initiatives. Its existing management team will continue
to lead the reorganized company.    
    
    
     

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))