RE: yes!!!20 Apr 2023 21:09
@StanleyPro
You mention that they didn’t refer to a “no recovery” today.
This is clearly stated in their post meeting presentation…….
Under the United States Bankruptcy Code, recovery in Chapter 11 Cases is governed by the “absolute priority rule” which requires that a debtor’s creditors must be made whole before equity holders can receive a recovery
In light of the level of existing debt that is proposed to be released under the Plan, the proposed restructuring does not provide for any recovery for holders of Cineworld's existing equity interests
Creditors who are projected to receive either: (a) a full recovery; or (b) no recovery on account of their claims (e. g. the
shareholders of Cineworld Group plc) are not entitled to vote on the Chapter 11 Plan, as such creditors will respectively be deemed to accept or reject the Plan
Seems you are mistaken.