TIDMCINE
RNS Number : 5455A
Cineworld Group plc
25 May 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
Cineworld (together with its subsidiaries, the "Group") is today
providing an update on its Chapter 11 cases. Further to its
announcement on 3 April 2023, Cineworld is pleased to announce that
additional lenders under the Group's term loans due 2025 and 2026
and revolving credit facility due 2023 (together, the "Legacy
Facilities") acceded to amended and restated versions of the
restructuring support agreement (the "RSA") and the backstop
commitment agreement (the "BCA"), each of which was originally
filed with the United States Bankruptcy Court for the Southern
District of Texas, Houston Division (the "Bankruptcy Court") on 2
April 2023.
As a result of this, the proposed restructuring of the Group
(the "Proposed Restructuring") now has the support of lenders
holding and controlling approximately 99% of the Legacy Facilities
and at least 69% of the outstanding indebtedness under the
debtor-in-possession facility of Cineworld and certain of its
subsidiaries (the "Group Chapter 11 Companies").
In addition, following a hearing on 2 May 2023, the Bankruptcy
Court approved the terms of the BCA and authorised the relevant
Group Chapter 11 Companies to implement those terms, including
raising the exit facility contemplated by the BCA and the payment
of relevant fees and expenses in connection therewith. This order
marked another positive step taken by the Group Chapter 11
Companies towards implementation of the Proposed Restructuring.
As previously announced, in light of the level of existing debt
that is proposed to be released under the Group Chapter 11
Companies' plan of reorganisation, the Proposed Restructuring does
not provide for any recovery for holders of Cineworld's existing
equity interests.
Timing of emergence
The Group Chapter 11 Companies now expect to emerge from the
Chapter 11 cases in July 2023. The Group Chapter 11 Companies
remain committed to emerging from the Chapter 11 cases as
expeditiously as possible.
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 UK.
Additional information
Information regarding the Group Chapter 11 Companies' Chapter 11
cases is 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 of
reorganisation 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBDGDUUUDDGXS
(END) Dow Jones Newswires
May 25, 2023 02:00 ET (06:00 GMT)
Cineworld (LSE:CINE)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Cineworld (LSE:CINE)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
