RE: Damages Judgement and Appeal11 Sep 2022 12:09
They also posted this 3 days ago.
Its next challenge is to finalise “a significant deleveraging transaction” in order to reduce debt. Negotiations are under way, but management warned that “there is no guarantee of any recovery for holders of existing equity”.
I’d take this warning very seriously. In my view, Cineworld’s existing shareholders are likely to face a near-total loss as part of this refinancing.
In a situation like this, the reality is that if shareholders aren’t contributing fresh cash, they have no rights to future earnings from the business.