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Agreed Yuri
I re-read my last comments and it sounds like im saying the parts are sold off and no business is left. I definitely think the business will be ok and the employees and there is value as you point out. It's just nothing is left for shareholders.
Ohh, ok, sorry then, I've read it differently.
Yeah, fire-sale will go at material/huge discount, lots of this stuff is illiquid (and considering current economic climate .. well), there's plenty of intangible assets too and goodwill {close to 5 billion} - value of this category is mostly virtual and may end up with close to nil (except probably for a brand name), property/plant/equipment - is very specialized and isn't in high demand..
Others mention employees - IMO, for many of them nothing will change, it will just be managed by a different owner (new shareholders) / legal entity (except for some branches they decide to shut down)
No it isn't. I'm claiming assets will be sold on the cheap - to hmmmm, yes not all the debt is wiped out by that process, but the assets are real and will be sold cheaply - that's how bankrupt assets are sold. The rest of the debt won't be covered and will have to be written off
cambridge130, claiming something like this - is a simple lack of financial competence.
If equity is negative (which it is for CINE) then there's not enough resources to pay all the creditors, that's a technical definition of balance sheet insolvency.
oh there is value left - once all the debt has been wiped out, they'll be cheap assets to buy up.
I wonder which corrupt person might do that ?
Can you help me out here? Any ideas?
There's no value left, equity was negative for quite a time already (and consequently breach of covenants).
It was just a question of time and whenever recovery prospects could flip the tide back (which didn't happen).
As for RNS - IMO: interests of shareholders are not considered anymore, only creditors are taking the precedence and with them it's mostly negotiation behind closed doors for now. Although formally they should release official announcement anyways (IMV again - just a question of time).
I already suggested buying him out at 0.01p per share but it got removed, he could then buy them back no problems
I wonder if he'll come back and buy up cheap assets after bankruptcy with his squirrelled away cash as you call it
hmmmmm
Cambridge come now, all those years of work, the man has to squirrel something away.
Look out posts being removed, i didn't think this was the Syme bb
Mooky may have lied but the sensible person would have looked at it logically, this was never going to turn around.
To much debt, too much looming and people watching tv at home. No supprise here!!
He's a convicted criminal. Whose gonna believe in him if he starts up again somewhere else. His track recor is pretty dire now
Mooky is full of false statements and bluster...
Telling people in his interviews and videos that all is going well. "Cinemas are filling up" "people coming back" "big slate of movies" all bullcrap to stop people selling....
He lied to us all
They don't have any assets.
The landlords would likely charge them to refit the buildings out as they were before they moved in, everything into the skip.
Yes Mountainous, i agree, i would do the same.
i find it so illogical that banks would agree to wait march 2020 till june 2022 but all of a sudden, they cannot hold longer? just as we're about to recover.
they were able to keep the cash burn at a minimum with a crap movie lineup during the reopening of covid (other than that 1 month with Spiderman?)
For me, my guts still feels like there's too much about this and if someone looks at the investment potential of cineworld theyld be foolish to let this die
This company will not be able to get more loans as it is already over-levered. There is no security left as bond-holders now all own this. Chapter 11 Bankruptcy will keep it operating and this is what the Bond-Holders expect. Wait until negotiations begin for equity swap. Shareholder will be lucky to get 1 penny. Could be wiped out but that will not be yet. It could also suspend the shares as there is now a false market. It will not help and if it is suspended it will not probably come back. Either or.
would be nice
Sorry i didnt mean in that sense - i meant in terms of buying up the assets. DO they goto the open market?
6 p close
@Bonkers, I don’t remember specifically, but I do remember that Cineworld never told us the appeal date but instead, we found it out from Cineplex. Just poor communication as always unfortunately, CINE IR is notorious for this. Even for something as important as the RCF and dissenting payments where it is obvious that people are waiting to see what has happened, we have heard nothing to the present day.
I would support the company if I had the money. Cineworld is a profitable business. It just needs to help now to make it through. The issue is the film slate, which is becoming a serious issue over the next 3 months.
If I lose my investment, cest la vie.
Do you think he'd face much competition in buying back the shell? I can imagine Amazon, Netflix, other cinema chains and studios being all over this if it got put up....Or am I wrong? Im not too sure how the bankruptcy process works....
Mountainous of I remember correctly didn't mooky tell you at a agm there was no news of the court date appeal and then a fee days later cineplex reported it.
With lse now reporting a helpline I think the writing is OK the wall , and I believe mooky more or less said so in the rns.
This wasn't jist decided today if of course true
The mcap of circa 45M is a major major step down, and with this value, nobody will look at them in terms of throwing more funds at them - would you? Mooky has alot of cash piled up, so can very easily see him buying back the shell after everyone's been cleaned out, then starting over with a clean 'slate', to pass on to the family. He just couldn't go on with that level of debt realistically, not as a simple cinema operation with no assets.
Hello @FunInvestor, thanks for that info. Let’s wait and see what happens :)