(Tiper Stock Exchange) – Cineworldthe second largest cinema operator in the world, has entered into a restructuring support agreement with credit institutions which hold and control approximately 83% of the group loans maturing in 2025 and 2026 and a revolving credit facility maturing in 2023. Consistent with the announcement of February 24, 2023, the restructuring proposal does not envisage any recovery for the owners of the equity investments existing in Cineworld.
If implemented, the proposed renovation should: reduce debt funded by group Chapter 11 companies of approximately $4.53 billion; gather $800 million in aggregate gross proceeds; deliver $1.46 billion (after original issue discount) in new funding of debt.
“This deal with our lenders represents a “vote of confidence” in our business and significantly advances Cineworld towards achieving its long-term strategy in an ever-changing entertainment environment,” commented the CEO Mooky Greidinger.
(Photo: Krists Luhaers on Unsplash)