TIDMCINE
RNS Number : 5629W
Cineworld Group plc
18 April 2023
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CINEWORLD GROUP PLC
(" Cineworld " or the " Company ")
Chapter 11 Update
Cineworld Terminates Marketing Process for 'Rest of World'
Business
Cineworld (together with its subsidiaries, the "Group") today
announces that, in agreement with its key stakeholders, the Group
has decided to terminate the marketing process for its 'Rest of
World' business (outside of the United States, the United Kingdom
and Ireland) (the "RoW Business"). The Group received proposals for
the RoW Business from a number of prospective counterparties,
however the proposals did not meet the value level required by the
Group's lenders.
Cineworld and certain of its subsidiaries' (together, the "Group
Chapter 11 Companies") continue to move forward with the proposed
restructuring in the Chapter 11 cases, pursuant to the
restructuring support agreement and the backstop commitment
agreement entered into between the Group Chapter 11 Companies and
the 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 outstanding indebtedness
under the debtor-in-possession financing facility, as announced on
3 April 2023, (the "Proposed Restructuring") to be implemented
primarily through a plan of reorganisation in the Chapter 11 cases
(the "Plan"), as announced on 11 April 2023.
As previously announced, 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
Cineworld continues to expect to emerge from the Chapter 11
cases during 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 United States Bankruptcy Court for the
Southern District of Texas, Houston Division to confirm the
Plan.
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, Picturehouse 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 United Kingdom.
Additional information
Copies of the Plan, the accompanying 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, including with respect to the Rights Offering.
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 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.
581118519
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END
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