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09.09.2022 - 17:35 / thewrap.com
Regal Cinemas owner Cineworld announced Friday that a U.S. bankruptcy court has approved its request for “first day” financial aid of up to $785 million.
Cineworld, which had sought about $1.94 billion in debtor-in-possession (DIP) financing facility, will now have the funding to maintain current operations “to meet its ongoing obligations, including post-petition obligations to vendors and suppliers, as well as employee wages, salaries and benefits programs,” the company said in a statement. “The remainder of the DIP facility will become available upon court approval on a final basis.”The U.K.-based movie chain, which operates 9,139 screens at 747 sites in 10 countries, disclosed this week that it had just $4 million in cash on hand — which necessitated the influx of new financing through Wednesday’s bankruptcy filing in the U.S.
Bankruptcy Court for the Southern District of Texas. According to Cineworld’s bankruptcy filing, the company has between $10 billion and $50 billion in outstanding liabilities.
The biggest unsecured creditors include the Bank of New York, which is owed $213 million, as well as all of the major Hollywood studios.The company’s debt claims include $20.5 million to Universal; $15.1 million to Lionsgate; $14.1 million to Disney; $11.4 million to Imax; $3.3 Million to Sony Pictures and $7.7 million to Warner Bros. Cineworld also said that with the aid of its Chapter 11 filing, it expects to be on steady ground in the first quarter of 2023 while paying its vendors in full and its employees their standard wages.
Cineworld CEO Moshe “Mooky” Greidinger hailed the first-day relief as a “positive step” in the company’s restructuring efforts. “As we position Cineworld for long-term growth, through this
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A U.S. Bankruptcy Court judge granted Regal Cinemas’ parent Cineworld immediate access to up to approximately $785 million of a financing facility, providing sufficient liquidity for the giant theater chain to meet ongoing obligations, including to vendors, suppliers and employee salaries and benefits.
Leo Barraclough International Features Editor Movie theater operator Cineworld Group, which has 9,139 screens in 10 countries, has received approval from the U.S. Bankruptcy Court for the Southern District of Texas for “first day” relief related to its Chapter 11 proceedings filed on Sept. 7. The group’s companies include Regal in the U.S. The court granted the group immediate access to up to some $785 million of an approximate $1.94 billion debtor-in-possession financing facility that, together with its cash reserves and cash provided by operations, is expected to provide sufficient liquidity for Cineworld to “meet its ongoing obligations, including post-petition obligations to vendors and suppliers, as well as employee wages, salaries and benefits programs,” the company said Friday. The remainder of the DIP facility will become available following the court’s approval on a final basis.
Leo Barraclough International Features Editor Movie theater operator Cineworld Group, which has 9,139 screens in 10 countries, has received approval from the U.S. Bankruptcy Court for the Southern District of Texas for “first day” relief related to its Chapter 11 proceedings filed on Sept. 7. The group’s companies include Regal in the U.S. The court granted the group immediate access to up to some $785 million of an approximate $1.94 billion debtor-in-possession financing facility that, together with its cash reserves and cash provided by operations, is expected to provide sufficient liquidity for Cineworld to “meet its ongoing obligations, including post-petition obligations to vendors and suppliers, as well as employee wages, salaries and benefits programs,” the company said Friday. The remainder of the DIP facility will become available following the court’s approval on a final basis.
A US bankruptcy court has approved Cineworld for first day relief following the company’s Chapter 11 filing on September 7, 2022.
A federal judge sent a proposed $1.9 billion financing package for bankrupt Cineworld back to the table for a redo but said he’s committed to approving some kind of cash injection quickly for the Regal Cinemas parent.
“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.