RE: Israel Greidinger Declaration8 Sep 2022 05:00
"27. Cineworld, with the assistance of its advisors, repeatedly sought to again engage with the Ad Hoc Term Loan Group and other lender constituents and potential financing sources in 2022. These parties, however, were either unable or unwilling to provide additional financial flexibility and runway to Cineworld. For example: (a) in January 2022, the Group requested $250 million in new priming financing from certain existing lenders, which was rejected; (b) in
Case 22-90168 Document 19 Filed in TXSB on 09/07/22 Page 15 of 65
February/March 2022, the Group negotiated a $70 million third-party rest of world loan add-on from certain existing lenders, but the Ad Hoc Term Loan Group was unwilling to provide required consent to permit the financing; and (c) in May/June 2022, the Group renegotiated the terms of the Settlement Facility (as defined herein) to extend its maturity by three months, which amendment was never approved by certain existing lenders.
28. Additionally, throughout 2021 and 2022, Cineworld, with the assistance of its advisors, explored other potential opportunities in addition to its primary focus on raising incremental financing. These efforts included assessing an array of potential strategic options, including: (a) a sale of the Group’s non-U.S. assets; (b) a merger with a North American counterpart; (c) a SPAC transaction; (d) an equity raise in the United Kingdom; and (e) a potential secondary public listing in the United States. Despite extensive efforts, none of these possibilities proved actionable. And while Cineworld would, of course, have welcomed the liquidity of becoming a “meme stock” like AMC, we were never so lucky!"