A US bankruptcy court has approved Cineworld for first day relief following the company’s Chapter 11 filing on September 7, 2022.
22.08.2022 - 10:11 / deadline.com
In response to recent speculation, Cineworld has provided an update to its August 17 announcement regarding an evaluation of strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging transaction.
Reiterating that Cineworld’s theaters, including the Regal chain in the U.S., are “open for business as usual and continue to welcome guests and members,” the world’s second largest exhibitor said that the strategic options through which it may achieve its restructuring objectives “include a possible voluntary Chapter 11 filing in the United States and associated ancillary proceedings in other jurisdictions as part of an orderly implementation process.”
Further, “Any such filing would be expected to allow the group to access near-term liquidity and support the orderly implementation of a fully funded deleveraging transaction,” the company statement said. It added, “Cineworld would expect to maintain its operations in the ordinary course until and following any filing and ultimately to continue its business over the longer term with no significant impact upon its employees.”
Under heavy debt and amid a dip in box office this quarter — as well as facing a soft slate during August and September — Cineworld asserted Friday that it’s business as usual for the giant while it explores options. This followed a WSJ report that it was prepping to file for bankruptcy, and came after it had earlier presaged a potential Chapter 11 last week when it noted “active discussions with various stakeholders” as it evaluates “various strategic options.”
Today’s statement again noted that any deleveraging transaction would “result in very significant dilution of existing equity
A US bankruptcy court has approved Cineworld for first day relief following the company’s Chapter 11 filing on September 7, 2022.
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“I do think the studies will get paid, like they usually do, whatever they are owed. Because we are the suppliers and that’s usually what happens,” Lionsgate vice chair Michael Burns said Wednesday of the Chapter 11 filing earlier in the day by Regal Cinemas’ parent Cineworld.
The debt-riddled Regal Cinemas owner Cineworld Group on Wednesday filed for Chapter 11 bankruptcy in the U.S. In a statement, the troubled London-based cinema chain said it was setting up “a $1.94 billion debtor debtor-in-possession financing facility from existing lenders which will help ensure Cineworld’s operations continue in the ordinary course while Cineworld implements its reorganisation.” The filing the United States Bankruptcy Court for the Southern District of Texas covers multiple subsidiaries of Cineworld, which operated 505 theaters in the U.S.
The shoe finally fell today as giant theater chain Cineworld filed for Chapter 11. The bankruptcy includes a $1.94 billion debtor-in-possession financing facility from existing lenders to keep things running.
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Cineworld, the world’s second largest cinema chain, faces fresh uncertainty after its second largest shareholder cut its stake, causing shares to fall in value for a second day.
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Bosses at Cineworld are considering whether to put the cinema chain into bankruptcy. They confirmed on Monday (August 22) that they are looking at options for restructuring the world’s second-largest cinema chain, which is struggling under heavy debts.
COVID pandemic.It was reported last week via a piece in the The Wall Street Journal that the share price of the company had dropped from 20p to 2p, leading to conversations around bankruptcy. Before COVID, it was trading at £1.97.The London-listed company, which operates 751 sites in 10 countries including the Cineworld and Picturehouse chains in the UK, ran up debt of more than £4billion ($4.8billion) after its cinemas were closed during the global health crisis.Cineworld has now confirmed that conversations are taking place.
Naman Ramachandran After reports last week saying that debt-laden exhibition giant Cineworld was considering bankruptcy, the group has issued a statement revealing a possible Chapter 11 filing in the U.S.“In response to media speculation, Cineworld is today providing an update to its announcement on 17 August 2022 regarding an evaluation of strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging transaction,” Cineworld, which which owns Regal Cinemas in the U.S., said on Monday.“Cineworld and Regal theaters globally are open for business as usual and continue to welcome guests and members. The strategic options through which Cineworld may achieve its restructuring objectives include a possible voluntary Chapter 11 filing in the United States and associated ancillary proceedings in other jurisdictions as part of an orderly implementation process.
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