Cineworld Group PLC - London-based cinema chain - Says its parent company has formally entered administration, following outlining such plans on Friday last week. Says this does not apply to any of the operating companies or subsidiaries in the rest of the group, and will not affect the status or rights of any of the group's employees.
On Friday last week, Cineworld said it had suspended its shares from trading at the company's request and would enter administration on Monday, before cancelling shares from trading on Tuesday. Cineworld said the planned restructuring, when implemented by way of an administration process, will transform the group's balance sheet, providing it with significant additional liquidity to fund its long-term strategy. The restructuring will involve the release of approximately USD4.53 billion of the group's funded debt and a new revolving credit facility of USD250 million which has been secured. This followed the news that on June 26 that it had entered administration as part of its restructuring attempt to reduce debt levels.
By Greg Rosenvinge, Alliance News reporter
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