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Looks like bankruptcy looms.
You got any news we haven't heard in the last 2 hours aiming?!
No RNS because it appears that CINE never wants to talk. We even still don’t know what happened to the RCF and dissenting payment.
Mountainous I was wondering when I would here form you, I hope your still optimistic about the situation today, I’m still holding my candle, feeling the burn a bit but still smiling :)
mountainous, how much I wish that the next rns denies bankruptcy rumours
You would think that he would have tried to sell Cineworld,the lot of it if he knew the writing was on the wall.
My guess is he did try and NOBODY WANTED TO TOUCH IT WITH A BARGEPOLE, :))))), Lvu333
Imagine that it would be great news! I don't want to see any company go bust! And if it manages to stay afloat then that is brilliant!
The company and employess will be fine. Shareholders will get wiped out
I’m Going For Suspension …..First Thing Monday ….
@Riskass, hope you’re doing good.
There comes a time where optimism runs out. I’m not at that point yet. Someone here mentioned that Mooky could be playing one heck of a poker hand here, but I feel like wiping out 86% of your equity value in 3 days is a very significant move.
But here is the interesting thing, there are no TR-1s. No institutional investor is selling. Many here say ‘sell now so you leave with something’ but institutional investors are not doing such, and they probably still have a few million rattling around in their positions.
I’m seriously hopeful that CINE gets emergency funding. This is a very short-term issue, up until November. I think even just £100-200m could take the company through. Lenders have supported us for 2 years, so why pull the plug with just 3 months of difficulty on the horizon? Nice reminder too that we were cash flow positive in Q4 last year with a decent film slate. The company can still be profitable, which is what gives me some hope that someone somewhere is looking at CINE and hoping to throw a lifeline. If I had the money to support I would have done so.
yeah suspension and no further trading after that. Wipe out.
Did I see someone had invested £50,000 in Cineworld? Please tell me you have other investments and not most or all of your money sunk in this? Sincerely I hope not.
They may try and spin it and say they are looking at ways to save it,but in this climate,the writing is on the wall and it spells;
BANRUPTCY, :))))), Lvu333
Mountainous could it be the rns a couple of days ago was a warning to the likes of us bad news is in fact on the way. We all questioned the timing
When they shut in 2020 it was reported all over the news before cineworld confirmed.
The fact multiple sources are reporting this now I fear the worst is actually true
Something here doesn't ring true.
It may well be that Cineworld have engaged the various experts as has been reported by the WSJ, but that would be a precautionary measure. I simply don't understand how they can release an RNS 48 hours ago that says "The Group's business operations are expected to remain unaffected by these efforts and Cineworld expects to continue to meet its ongoing business counterparty obligations." with the disclosure that they would file for bankruptcy two days later. Also why not ask the shareholders for a cash injection?
In the US a Chapter 11 (which was mooted in the press reports) basically puts the situation on ice and lets a company have some time to manage a restructure. It may be that a debt for equity swap with the current creditors couldn't be agreed on terms that the BoD could swallow and that they are putting in place a contingency to look at other avenues.
All in all, given that the SP has fallen to rock bottom, althoough I wouldn't put any more money in, it would seem foolish to sell at these levels given the degree of uncertainty.
Maybe this post will age like fine milk, but I don't think that this is the end of the saga just yet.
The one main caveat here is that stockholders and management are NOT aligned and it is entirely possible that the deal is being structured to shaft private investors and allow management an earn out later on to get their investment back.
@StanleyPro, same here. I think sp would rebound 100%+ on that day.
Some very brave individuals who have averaged down. I was tempted to do so but held back, I already have too much money here.
Hopefully a day will come when we can look back at all of this and just laugh it off. This is a very transient issue, the RNS stated ‘until November’.
Look at all your other investments people and if any are carrying large debts sell those shares now and reinvest in better businesses that have lots of cash and are growing. There are businesses out there like this you don't need to invest in companies like this.
mountainous,
I will be beyond delighted if we as shareholders somehow come out of this.
However regards TR-1 we wouldnt have seen them yet as the volumes are today and previous 2 days.
We would/will only see them next week at which point as always it's too late for us small investors to make moves.
@Bonkers, what I don’t understand is that if the company is in need of urgent funding and you may need to dilute to get it, then why would you issue a statement that will destroy the value of that very same equity you’re trying to tap into.
It doesn’t take a rocket scientist to figure out that it doesn’t make sense. Mooky has basically just removed any possibility of him being able to do anything with the equity, how are you planning to recapitalise $10bn in liabilities with £45m in equity?
Companies usually just issue an RNS saying ‘rights issue is here’ and then they go from there, they don’t beat around the bush like that. The RNS was so incredibly vague that nobody knows what is going on, you can’t tell me that CINE is struggling that much when it has a lower debt/asset ratio than Cineplex and Cineplex filed a profit last quarter.
Mountainous - yes it's corrupt - stealing what value there is left from shareholders
I am waiting for a second source other than WSJ that everyone is quoting.
Either way, there is not much difference from losing 98% of my money from losing 100%. I will ride this down.
In any case, I think the minimum we can expect is a clarification RNS. When it's official you can make a decision. For me it wouldn't really make a difference if I sell right now but I'm not buying either, not prepared to lose anymore on top of my biggest loss up to date.
Hello @FunInvestor, thanks for that info. Let’s wait and see what happens :)
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.
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
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....