Cineworld Group PLC - London-based cinema chain - Says US Bankruptcy Court for the Southern District of Texas, Houston Division yesterday confirmed third amended joint chapter 11 plan of reorganisation. Allows it to implement restructuring transactions after satisfying certain conditions. Plan involves the release of about USD4.53 billion of Cineworld's funded indebtedness, as well as a rights off to raise USD800 million, and USD1.46 billion in new debt financing. Cineworld expects to enter into administration in the UK shortly before the emergence from chapter 11 proceedings. Cineworld still expects to emerge from the chapter 11 cases in July.
Chief Executive Officer Mooky Greidinger says: "The confirmation of our plan of reorganisation is a significant milestone as Cineworld moves towards emerging from this process in a strong financial position and with a more resilient capital structure."
Current stock price: 0.37 pence, down 26% on Thursday
12-month change: down 98%
By Emma Curzon, Alliance News reporter
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