TIDMCINE
RNS Number : 7818V
Cineworld Group plc
11 April 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR
INDIRECTLY) IN WHOLE OR IN PART IN, INTO OR FROM THE UNITED STATES
OF AMERICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
CINEWORLD GROUP PLC
("Cineworld" or the "Company")
Chapter 11 update
Further to its announcement on 3 April 2023, Cineworld (together
with its subsidiaries, the "Group") and certain of its subsidiaries
(together, the "Group Chapter 11 Companies") have today filed a
plan of reorganisation (the "Plan") and an accompanying disclosure
statement (the "Disclosure Statement") with the United States
Bankruptcy Court for the Southern District of Texas, Houston
Division (the "Bankruptcy Court").
The 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 pursuant to the restructuring support agreement
entered into between the Group Chapter 11 Companies and such
lenders on 2 April 2023 (the "RSA").
The Plan, which remains subject to approval from the Bankruptcy
Court, contemplates, among other things, a proposed restructuring
of the Group Chapter 11 Companies, as further detailed in the RSA
and the announcement made by the Company on 3 April 2023 (the
"Proposed Restructuring").
Consistent with the Company's announcement on 3 April 2023, in
light of the level of existing debt that is proposed to be released
under the Plan, the Proposed Restructuring does not provide for any
recovery for holders of Cineworld's existing equity interests.
Timing of emergence
As announced on 24 February 2023, Cineworld expects to emerge
from the Chapter 11 cases during the first half of 2023. The Group
remains committed to emerging from the Chapter 11 cases as
expeditiously as possible although, among other things, any sale
transaction resulting from the Marketing Process may delay
emergence beyond the first half of 2023.
The Group Chapter 11 Companies are seeking to confirm the Plan
on an expeditious timeline. Certain creditor approvals, among other
requirements, will need to be obtained in order for the Bankruptcy
Court to confirm the Plan, as set out in further detail in the Plan
and the Disclosure Statement.
Business as usual
During the restructuring process, Cineworld continues to operate
its global business and cinemas as usual without interruption.
Cineworld and its brands around the world - including Regal, Cinema
City, Picture House and Planet - are continuing to welcome
customers to cinemas as usual. The Group continues to honour the
terms of all existing customer membership programmes, including
Regal Unlimited and Regal Crown Club in the United States and
Cineworld Unlimited in the UK.
Additional information
Copies of the Plan, the Disclosure Statement and related
documents, as well as other information regarding the Chapter 11
cases, are available at the following website:
https://cases.ra.kroll.com/cineworld.
Contacts:
Cineworld Group plc:
Israel Greidinger
Nisan Cohen
Manuela Van Dessel
investors@cineworld.co.uk
+44 (0)20 8987 5000
FGS Global (UK) (Corporate PR Adviser):
James Leviton / James Thompson
Cineworld-LON@fgsglobal.com
+44 (0)20 7251 3801
FGS Global (US) (Corporate PR Adviser):
Kal Goldberg / Lizzie Hyland / Monique Sidhom
CineworldMedia@fgsglobal.com
+1 (646) 970-4727
PJT Partners LP (Financial Adviser):
Simon Lyons / Kush Nanjee
+44 (0)20 3650 1100
Steven Zelin / Michael Schlappig
+1 212 364 7800
About Cineworld
Cineworld was founded in 1995 and is now one of the leading
cinema groups in Europe. Originally a private company, it
re-registered as a public company in May 2006 and listed on the
London Stock Exchange plc in May 2007. Cineworld's acquisition of
Regal Entertainment Group has created the second largest cinema
business in the world (by number of screens). Cineworld currently
operates in the United Kingdom, Ireland, Poland, the Czech
Republic, Slovakia, Hungary, Bulgaria, Romania, Israel and the
United States.
Forward looking statements
This announcement is not intended to and does not constitute and
should not be construed as, considered a part of, or relied on in
connection with any information or offering memorandum, security
purchase agreement, or offer, invitation or recommendation to
underwrite, buy, subscribe for, otherwise acquire, or sell any
securities or other financial instruments or interests or any other
transaction.
This announcement contains certain forward-looking statements
with respect to the financial condition, results of operations and
business of the Group and certain plans and objectives with respect
thereto, including with respect to the Group's ordinary shares.
These forward-looking statements can be identified by the fact that
they do not relate only to historical or current facts.
Forward-looking statements often use words such as "anticipate",
"target", "expect", "estimate", "intend", "plan", "goal",
"believe", "hope", "aims", "continue", "will", "may", "should",
"would", "could", or other words of similar meaning. These
statements are based on assumptions and assessments made by the
Group in light of their experience and their perception of
historical trends, current conditions, future developments and
other factors the Group believes appropriate. By their nature,
forward-looking statements involve risk and uncertainty, because
they relate to events and depend on circumstances that will occur
in the future and the factors described in the context of such
forward-looking statements in this document could cause actual
results and developments to differ materially from those expressed
in or implied by such forward-looking statements. Although it is
believed that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such
expectations will prove to have been correct and you are therefore
cautioned not to place undue reliance on these forward-looking
statements which speak only as at the date of this document. The
Group does not assume any obligation to update or correct the
information contained in this document (whether as a result of new
information, future events or otherwise), except as required by
applicable law.
There are several factors which could cause actual results to
differ materially from those expressed or implied in
forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward-looking statements are changes in the global, political,
economic, business, competitive, market and regulatory forces,
future exchange and interest rates, changes in tax rates and future
business combinations or dispositions (including any potential sale
by the Group) and the risks, uncertainties and costs related to the
Chapter 11 cases, including, among others, the timing of any
emergence from the Chapter 11 cases and the risk that any Plan may
not be confirmed or implemented at all.
Nothing in this announcement is intended as a profit forecast or
estimate for any period and no statement in this announcement
should be interpreted to mean that earnings, profit or earnings or
profit per share or dividend per share for the Group for the
current or future financial years would necessarily match or exceed
the historical published earnings, profit or earnings or profit per
share or dividend per share for the Group.
PJT Partners LP, Alix Partners LLP, Kirkland & Ellis LLP and
Slaughter and May (collectively, the "Advisers") are providing
advice to Cineworld (and other members of the Group) and no one
else in connection with the matters referred to in this
announcement. The Advisers will not regard any other person as
their client in connection with such matters, nor will they be
responsible to any other person for providing the protections
afforded to their clients or for providing advice in relation to
such matters.
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END
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