After Mooky made his statement. The judge responded. About hurrying up the process. Basically he has seen companies try this in the past, which he has blocked due to legality and having nothing to do with saving the business, but for personal gain.
The judge is the real power in chapter 11 bankruptcies. And can sell the company off without Cineworld agreement.
I expect the sale process to be for the whole company in a standard takeover situation. Anything else will leave massive complications, which no company interested in buying Cineworld would consent to. The least of which would leave a massive toxicity in the perception of the company. Leaving Cineworld as a poisoned chalice. Any company taking on Cineworld needs a clean takeover and to get rid of all that went before it.
Problem is Mooky still feels it is his family’s company. The board need to tell him, it is time to go. IMO
The judge acting quickly to fend Mooky off at the pass. Was key. This company will be sold in its entirety as agreed previously.
The lenders want to be paid out in full any debt for equity is off the cards for them.
Sit back and wait for the next few months to see how the sale develops and which companies step forward to seize the opportunity to buy Cineworld on the cheap.
Judge has had enough of Mooky’s antics. The judge am sure has called Cineworld’s lawyers into his chambers over Mooky’s statement and told them that the whole company will be sold off and this will be on the lines of a takeover. If Mooky down the line wants to start again, he can, but not with Cineworld. IMO
I feel Mooky is trying to pull off another illegal thing in selling group but not Cineworld. Until he tries it the LSE and UK authorities do not need to act and stop him. If allowed this would give many other companies the right to spin their companies out and avoiding dealing with share holders. Can see this being blocked. But Mooky seems intent on trying anything to keep relevant. IMO
The Griedingers’ will not be able to play any part in the company if listed on the Sec. Their criminal convictions stops them owning shares or being employed on the board. Maybe they believe they will get an exception, even though the American authorities have a zero tolerance policy.
Mooky says one thing and does another let us see what the sale process brings. Most of the studios are weighed down with more debt than Cineworld. Disney is looking to offload, Hulu, ABC and ESPN. I feel the sale will become a fierce bidding war. Some media companies will take this opportunity to gain an advantage over their competitors. This still has legs on it yet.
I think AMC were quickly rebutted. I presume as VUE and Cineplex tried to register an interest, they felt they had to do the same. None of these chains can compete with the potential buyer in the new year. AMC released this news to try and boost its own flagging share price.
Cineplex payout, still has two levels of appeals to go through. By which it would be greatly reduced.
Their last comment, said they are speaking to advisors about possible actions. Basically, they have found out that Cineworld is to be sold off and they will get zero payments. As the new company is not accountable for anything that Cineworld did. Particularly payouts that are not concrete. Same with the advertising company Cinemedia. Whom have adjourned their case, likewise.
Seems they have got wind of Cineworld Lenders selling off Cineworld and in the process clearing their debts.
Now trying to do the same at AMC. Except the APEs Will rocket AMC price up.
I expect the new year to see many changes in the entertainment industry.
The big studios are suffering. They have haemorrhaged vast sums of money on streaming. Currently facing massive competition from Amazon and Apple who are throwing billions into new productions.
But as for Cineworld this is being sold off. Deal has been done. Just working through all the minutiae of the deal. Expect over next few weeks everything to be sorted and news to come out in the new year. Have no idea why people still argue on here. Why waste your time no energy. Everything is in place. Have patience and wait till the deal happens.
Shorts might have room in their hedge to open more shorts. Or just gambling.
https://www.reuters.com/article/uk-cineworld-leveraged-loans-idUKKBN1F618V
Yes and HSBC and Barclays financed Regal deal. They are owed the most.
Please wolf explain how Newco can happen?
Legally and practically. Mooky and co will not be able to have any part in Newco. Shares and any involvement.
The judge is king in chapter 11,9 and chapter 7 bankruptcies.
Lenders and board have to follow the judges advice. Please go through the Sears case for your he love of god.
This company will be sold off. No other outcome will pay off all debts to the main lenders.
Junior lenders need out. Credit Suisse being main junior lenders has seen 78 billion pulled out of its company and needed a one and a half billion loan from Saudi bank to keep going.
There are a lot of interested parties in the company. lol deals are being done behind closed doors. Anything that hits the media is smoke and mirror. Cineplex leaked both stories to the WSJ. Neither had any truth to them.
There are only two cinema chains worth buying AMC and Cineworld. With all the apes likely to rocket up the share price with any take over talk. Buying AMC currently is unfeasible. In the judges last disclosure in the agreement. He mentioned the sale of Cineworld. As the main lenders this is the only outcome to see their loans paid off in full. Why would the main lenders let the junior lenders get paid in full. Only for them to gamble getting paid out at best fifty percent. They have the whip hand over the junior lenders. So only agreed to the deal as an arrangement for the company to be sold has been made. Wait till the new year for this to complete. But news of this should come out in December with further court proceedings. Imo
Cineworld is too be sold in its entirety. The main lenders will be paid out in full as part of the sale. Mooky’s family and shareholders will get paid out a decent price for their shares. One company wants to avoid a bidding war and wrap up the sale quickly. They will also honour the advertising contract with CineMedia, hence them adjourning their lawsuit. Expect all this to be wrapped up in the new year.
I just filtered chaiwala. Not wasting my time to respond to posts that have no relevance or merit.
Makes sense as all MGM films can only be streamed on Paramount for the next two years. So make sure they only go on Paramount after a full cinema run, where Amazon make all the money from them.
National cinemedia filled a suit as Cineworld broke off their contract to supply advertising. This has now been adjourned. Probably as news of the sale of Cineworld is incoming. And Cinemedia have come to an agreement with the potential buyers about reinstating the contract.
Trying to compete with Amazon and Apple and the finances they can throw at streaming is always a futile move. They will outlast the entire market. By funding their streaming services from profits of there core businesses respectively.
Bob Iger will bring back the creatives into the fold again, whom Chapek dismissed or ignored. Should see more films getting a theatrical release and a longer exclusivity in the cinemas.
Hexam the Dip lenders are the junior lenders. Who need to be bailed out. Hence why Barclays, HSBC and bank of Israel have agreed to have them paid out. And then they get the money when the company is sold. HSBC were the main lenders in Regal deal. I have posted the proof of money owed to them. You are in denial about them. But wait till agreement comes out and fully names all the lenders. Should be next week. Till then either buy shares in Cineworld or leave this forum to one you have shares in.
Cineworld mentioned dilution only after the WSJ article, which was more than likely from Cineplex. None of the lenders were remotely interested in any shares. For obvious reasons. The dilution has not been mentioned since that article. The last agreement which details will come out in court documents this week. Will show zero dilution.
There is zero benefit for lenders to take shares for debt. Not even too mention the percentages and HSBC would have to buy the company.
Cineworld is to be sold off. Lenders will all be paid out in the purchase and walk away with all their money owed. But people on here think they are happy to take shares and not even make half their money back, if that. Yet pay out the junior lenders in full.