Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Judge and lenders cannot force a sale through. Needs shareholder approval. Plus also a U.K. listed company so out of the jurisdiction of the American courts. Will still need to pass U.K. regulations.
17th is the key when the courts release the full agreement and then let everyone know the timescale for selling Cineworld as they previously stated. Should give a date for all proposals to any potential buyers to work to. Sale should proceed into the new year. About spring time Mooky will have secured his family their inheritance and probably work as a consultant to the new company for a while.
No. But them paying Comcast 9 billion dollars in January 2024 might pay for them to buy Cineworld. On top of NBC , Universal studios and Sky. Buy Cineworld using Disney’s money and then getting 50% of their box office. Might be tempting for them. But Disney definitely cannot afford Cineworld at the moment. IMO
This is getting sold off. Four weeks for buyers to submit proposals. This is the only reason the main lenders let the junior lenders get paid off. There is a deal in place which will see them paid off either in the short term or slightly longer term. Mooky might want to continue. But should enjoy a nice retirement in Israel. While getting the best price for his family.
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There is massive disagreements with lenders. So can see this being a forced sale. Judge is the powerbroker in C11. The Sears case is the example people need to read up on.
Was meant to be 21st. But Cineworld board somehow felt they could do some weird ****, and not consult the main creditors. So pushed back, as the main creditors are giving the Cineworld board and Mooky a dose of reality.
Yep. Why don’t you try and do some research for once and stop spouting nonsense. How is your shares in cineplex going?
Cineplex is a non starter. Paying with debt and shares for one will not be what the secured lenders are looking for. The DIP lenders nee the billion paid off, as they are struggling. The other secured lenders can wait it out, but want their debts paid off in full.
Universal are in a far better position to buy Cineworld. They can buy it for for net zero, as will be using Disney’s money. The lenders know of the potential buyers out there and cineplex deals ranks the lowest.
Chapter 11 is nothing like administration.
Law professors would be spitting feathers at your remark. Do your research. Best get some law text books out.
Enron worldcom and Lehman brothers were all chapter 7. The UK companies were full bankruptcies.
Cineworld is only in chapter 11. No comparisons in Uk law.
None of these examples can be used.
Best look at Sears, Hertz, Apple, Marvel and General Motors. For chapter 11 cases.
The Dip lenders borrowed the billion from the banks and now need to pay this back to them. They are currently paying off penalty clauses for not paying it back already.
Private equity will have to borrow money from the banks to bankroll this. Not going to happen.
Also with the major asset being Regal. Most likely a US listing. Which means the the Greidinger’s will not be able to have any involvement in the new company.
US authorities have a zero tolerance to foreign criminals.
The main lenders who are owed 3.8 billion will tip their hand this week. Everyone is best to wait till after the 21st. Then the future of the company will become clearer.
Where will the new company be registered and which market the shares to be listed on?
On the New York Stock exchange?
Those whom propose this theory, please let me know.
You do not understand the legal process. They do not have control of the financials. This money is now with the courts. The judge is in control of all financials and a lot more. The billion dollars is not getting paid off. The other creditors have more power and do not need to join the dip. The delay is that they do not agree with swapping debt for shares and there is nothing Mooky can do about that. He needs to change his plans.
Dip lenders cannot pull the plug. The money is with the courts. They need the judge’s approval to remove any funds. The DIP is set up to help run the company while the business is bankrupt.
The reason Cineworld could any money from lenders, had nothing to do with the billion dollars the debt lenders lent. But that all lenders around the world have over extended themselves in terms of lending.
Hence why Credit Suisse and Deutsch Bank are currently trying to avoid bankruptcy.
Hsbc are the main lender as part of the regal deal. Along with Barclays Bank and the terms of the deal was that Cineworld would pay the loans back by 2025.
They will extend the years to pay them back. And not look to take shares in Cineworld.
Mooky’s and the deb lending companies plans got blown out of the water on day one of the court hearing by the judge. Then the banks followed this up, who are owed the most money in the creditors meetings. So now what Mooky hoped would be easy, has now got a how lot harder. Cannot see them coming out of bankruptcy beginning of next year. Feel more like summer.
Dip loans is merely a credit facility. Like an overdraft. Cineworld makes money, it goes into paying off the DIP cannot convert DIP to shares or anything. Judge has to approve all financials. Banks still hold the power.
Dip lenders are behind the banks. Hence them trying to get their loans paid off. Secured lenders hold more power. But as in all things the big banks hold the crucial cards. The DIP lenders will have to follow them, in the end. Banks are starring down more turmoil than 2008. So expect them to kick this minor problem down the road
Cp will likely reject any deal put to them. So the appeal will go ahead, when it can. Main thing is to set a course of action to pay off the secured lenders. The banks will give more years to pay them back. Kick this problem down the road and let them focus on much bigger fish. Companies with much bigger debts owed to the banks. Such as the studios.