Cineworld plans to file its reorganization plan by Oct. 31, an attorney for the giant chain said today at a hearing. It also won’t be forced to state its case in a Canadian appeals court next month for reneging on a merger agreement with Cineplex.
08.09.2022 - 23:51 / deadline.com
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.
Cineworld filed for Chapter 11 in the Southern District of Texas yesterday with a so-called DIP, or debtor-in-possession, loan from a consortium of lenders to keep operating while it cleans up its balance sheet. But Judge Marvin Isgur nixed $1 billion of that total earmarked, not for operations, but to refinance pre-petition loans from the same group of debtholders.
At a hearing today, lawyers for Cineworld and a majority of DIP lenders seemed flabbergasted when the judge demurred, stressing Cineworld’s dire straits with just $4 million of cash in hand. That’s “not sufficient to run a global operation,” said James Mesterharm of AlixPartners, the chief restructuring officer Cineworld hired in August to examine its books, leading to yesterday’s bankruptcy filing.
Without the DIP loan, the chain would be forced to “curtail their operations, which would be to the detriment of all stakeholders,” he said.
The judge offered a few options, suggesting the DIP group set the $1 billion aside for now while they — or others lenders — first address Cineworld’s immediate cash requirements with a stopgap payout in the hundreds of millions, to keep the lights on, something he said he would sign immediately. “I am not going to sleep until we get those employees paid tonight,” he said.
The judge also offered a high guaranteed yield of more than 20% to lenders willing to advance cash to Cineworld.
“I am trying to be flexible, The only goal there is that the billion dollars has to be delayed until I give people an opportunity to deal
Cineworld plans to file its reorganization plan by Oct. 31, an attorney for the giant chain said today at a hearing. It also won’t be forced to state its case in a Canadian appeals court next month for reneging on a merger agreement with Cineplex.
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Todd Spangler NY Digital Editor For Dude Perfect super-fans, it may be the equivalent of Disney World. The five-member comedy and sports YouTube creators — who have a massive following of more than 58 million subscribers on the platform — are planning a new Dude Perfect headquarters and “family-friendly” entertainment destination. The new three-story HQ building will feature a 330-foot “trick-shot tower,” a Dude Perfect museum, mini golf, a merch store, restaurants and 2 acres of outdoor space. The facility could cost as much as $100 million to build, the group told the Dallas Morning News.
challenged to a debate last week. The governors’ feud escalated recently when DeSantis used part of his state’s $12 million budget allocated for relocating “unauthorized aliens” to fly 50 refugees into Martha’s Vineyard, a Democratic jurisdiction.
The Mars Volta played their first live show in over 10 years, treating fans in their home state of Texas to a stacked showcase of new songs, classics and rarities – including the first-ever performance of their 2006 track ‘Vicarious Atonement’.The latter song opened the set – which The Mars Volta performed at the 4,300-capacity Factory in Deep Ellum – setting the scene for Omar Rodríguez-López and Cedric Bixler-Zavala to deliver the first performances of ‘Roulette Dares’ and ‘Eriatarka’ (both from their 2003 debut as The Mars Volta, ‘De-Loused In The Comatorium’) since 2010.They followed those up with the first of two songs showcased from their self-titled comeback album, ‘Graveyard Love’, before throwing back to 2005’s ‘Frances The Mute’ with ‘L’Via L’Viaquez’ – also played live for the first time since 2010.Other rarities included ‘Drunkship Of Lanterns’ and ‘Viscera Eyes’ (the former being another ‘Comatorium’ cut while the latter, like ‘Vicarious Atonement’, came from 2006’s ‘Amputechture’) – both of which hadn’t been played since 2009 – as well as the first performance of ‘Comatorium’ standout ‘Televators’ since 2007. Before The Mars Volta played the latter, they premiered the set’s only other self-titled song, ‘Blacklight Shine’.Have a look at fan-shot footage from the show, then see the full setlist (via setlist.fm) below:1. ‘Vicarious Atonement’ 2. ’Roulette Dares (The Haunt Of)’ 3. ’Eriatarka’ 4. ’Graveyard Love’ 5. ’L’Via L’Viaquez’ 6. ’Empty Vessels Make The Loudest Sound 7. ’Cygnus….Vismund Cygnus’ 8. ’Drunkship Of Lanterns’ 9. ’Viscera Eyes’ 10. ’The Widow’ 11. ’Cicatriz ESP’ 12. ’Blacklight Shine’ 13. ’Televators’ 14. ’Son Et Lumiere’ 15. ’Inertiatic ESP’The Mars Volta returned with their self-titled
“The View” on Wednesday dove into the ongoing debate over Florida Gov. Ron DeSantis’ stunt in which he flew two planeloads of Venezuelan migrants from his state to Martha’s Vineyard as a ploy to draw attention to the ongoing immigrant crisis on the southern border. While it’s been a hot-button issue this week with voices on both sides denouncing the action as questionable or even illegal – a Texas sheriff has opened a case against DeSantis to determine if he misled the migrants into boarding the planes and therefore broke the law – but conservative co-host of “The View” Alyssa Farah Griffin indicated that she thinks it’s time to move on and focus on a solution.
ruling, Meachum said the PFLAG families have demonstrated a likelihood that they will suffer “probably, imminent, and irreparable injury” if the state Department of Family and Protective Services is allowed to continue with its investigations into transgender youth receiving doctor-recommended medical care and their parents.Some of that harm includes potentially having transgender youth taken out of their parents’ custody and placed into foster care, as well as the parents potentially facing criminal charges and penalties. Meachum also found that DFPS did not begin investigating gender-affirming care as child abuse until after Gov. Greg Abbott issued an executive order directing the agency to investigate parents who have allowed their children to receive transition-related care, including puberty blockers, which delay the onset of secondary sex characteristics.Abbott based that order on an opinion issued by Attorney General Ken Paxton (R), who stated that that all the forms of surgical and hormonal interventions for transgender youth constitute “abuse,” and violate minors’ fundamental right to procreation by subjecting them to treatments that can potentially cause sterilization.Although DFPS began investigating several families with transgender children following Abbott’s directive, the Texas Supreme Court later found, in a partial victory for a group of transgender plaintiffs and advocates, that the governor had overstepped his authority.
Hallmark star shared a photo of her Target bounty earlier this year. It is funny how the phenomenon seems to extend to celebrities as well. They also seem powerless to resist the red dartboard, and Kelly Clarkson even made reference to the big box store when commenting on her fame.
GAYLE is one of the fast-rising superstars on the pop scene we’re most excited about, and we want Just Jared readers to get a chance to get to know her even better.
Not retiring after all seems to suit Tampa Bay Buccaneers quarterback Tom Brady quite well.
A federal judge from Texas, Judge Reed O’Connor has made a shocking ruling, stating that the inclusion of the HIV treatment was a violation of the Religious Freedom Restoration Act.This comes after companies Braidwood Management and Kelley Orthodontics brought the case to the US District Court. The companies were represented by Johnathan Mitchell, a man infamously known for his anti-abortion behaviour.The companies filed the lawsuit, stating that PrEP’s coverage in the Affordable Care Healthcare Act (ACA) forced religious companies with anti-LGBTQ+ to finance and help “homosexual behaviour.”Their argument was that including the PrEP treatment “forces religious employers to provide coverage for drugs that facilitate and encourage homosexual behaviour… prostitution, sexual promiscuity, and intravenous drug use.”With Judge O’Connor’s ruling, neither of the companies is required to cover PrEP costs for their employers.
A federal judge on Wednesday ruled against a federal mandate that requires employer provided health plans to cover PrEP, a drug used for the prevention of HIV.
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.
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.