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11.04.2023 - 08:17 / deadline.com
Further to its April 3 announcement that it had reached a conditional agreement with lenders to emerge from Chapter 11, Regal owner Cineworld today submitted its reorganization plan to the U.S. Bankruptcy Court for the Southern District of Texas.
In a filing to the London Stock Exchange where its shares are traded, the exhibition giant reiterated that it expects to emerge from the Chapter 11 cases during the first half of 2023. The group also said it remains committed to getting there “as expeditiously as possible” although, among other things, any sale transaction may delay that beyond the first semester.
On April 3, the group said it had received non-binding proposals for some or all of the its assets but determined that absent an all-cash bid significantly in excess of the value established under the proposed restructuring, it will cease seeking a buyer for its businesses in the U.S., UK and Ireland. The chain will continue to consider the proposals received for its “rest of world” business, it said at the time.
The restructuring plan is supported by lenders holding and controlling approximately 83% of the group’s term loans due 2025 and 2026 and revolving credit facility due 2023, and approximately 69% of the debtors’ outstanding indebtedness under the debtor-in-possession financing facility.
The plan, which remains subject to approval from the Bankruptcy Court, also contemplates, among other things, a proposed restructuring of the group Chapter 11 companies. Certain creditor approvals, among other requirements, will need to be obtained in order for the Bankruptcy Court to confirm the plan.
Further, consistent with the April 3 statement, in light of the level of existing debt that is proposed to be released under
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Regal parent Cineworld has decided to terminate the marketing process for its businesses outside of the U.S., UK and Ireland. Although it received offers from “a number of prospective counterparties,” the proposals “did not meet the value level required by the group’s lenders,” the exhibition giant said today. The so-called “rest of world” businesses include cinemas in Israel, Poland, Czech Republic, Slovakia, Hungary, Bulgaria and Romania.
Patrick Frater Asia Bureau Chief Beleaguered multinational cinema operator, Cineworld says that has halted its attempt to sell off its businesses outside the U.S., U.K. and Ireland. This appears to mean that the group will remain intact as it seeks a pathway out of the U.S. Chapter 11 bankruptcy strictures. “The group received proposals for the [rest of the world] business from a number of prospective counterparties, however the proposals did not meet the value level required by the group’s lenders,” Cineworld said in a statement on Tuesday. Cineworld owns the Regal cinema chain in the U.S. and is the second largest movie theater operator in the world. Its shares are listed in the U.K.
The nation’s biggest movie theater advertising network National CineMedia said tonight it’s filed a voluntary Chapter 11 petition in U.S. District Court in the Southern District of Texas – where one of its biggest shareholders and customers, Regal parent Cineworld, has just presented a restructuring plan to emerge from bankruptcy itself.
Patrick Frater Asia Bureau Chief Beleaguered multinational cinema operator, Cineworld says that it anticipates exiting the U.S.’s Chapter 11 bankruptcy system in the first half of this year. The company revealed Tuesday that it has now formally filed a plan of reorganization with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. Cineworld owns the Regal cinema chain and is the second largest movie theater operator in the world. Its shares are listed in the U.K. In a filing, Cineworld said that its proposal to the court is “supported by lenders holding and controlling approximately 83% of the group’s term loans due 2025 and 2026 and revolving credit facility due 2023 and approximately 69% of the debtors’ outstanding indebtedness under the debtor-in-possession financing facility [previously agreed with the court].”
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statement. “With a growing slate of blockbusters and audiences returning to cinemas in increasing numbers, Cineworld is poised to continue offering moviegoers the most immersive cinema experiences and maintain its position as the ‘Best Place to Watch a Movie.”The proposed restructuring does not provide any recovery for holders of Cineworld’s existing equity interests.In addition to the agreement with lenders, Cineworld plans to abandon its effort to sell the group’s business in the U.S., U.K and Ireland, absent an “all cash bid significantly in excess of the value established under the Proposed Restructuring.”On February 24, Cineworld received non-binding proposals for some or all of the group’s assets from a number of potential transaction counterparties.
Regal owner Cineworld has entered into a restructuring support agreement and a backstop commitment agreement with lenders that will, if approved, see it emerge from bankruptcy.
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An attorney for bankrupt movie theater chain Cineworld said today it has “several” interested parties eyeing its business in “rest of world” — meaning Europe outside the UK, and Israel — but nothing pending for the entire company, or, it seems for Regal in the U.S.