RE: Shareholders27 Nov 2022 16:06
this is the only RNS that makes sense to us shareholders,
since the first press speculation, to the first RNS C11 and the drop to 1.9p,
everything else talked about on these toxic BB is just pure speculation, and bullying.
this RNS tells a tale of a return of some kind of stability, with the lenders pledging $785m and
that we are still waiting on the 2nd court ruling RNS for the rest of $1.94b
no mention of shareholders values up in smoke anymore, like we were led to believe,
and if the lenders already given CINE $700M then there is no reason that I can see why we should
not get the rest, as they would not be throwing good money after bad, if they did not think
the business as a going concern was not wort it, and still viable
9 September 2022-LONDON- Cineworld Group plc and its subsidiaries (the "Group") (LSE: CINE), a leading cinema operator in 10 countries, including the United States and the United Kingdom, with 747 sites and 9,139 screens globally, today announced that Cineworld and certain of its subsidiaries (collectively, the "Group Chapter 11 Companies") have received approval from the United States Bankruptcy Court for the Southern District of Texas (the "Court") for "first day" relief related to its Chapter 11 proceedings filed on September 7, 2022.
As part of these motions, the Court today granted the Group immediate access to up to approximately $785 million of an approximate $1.94 billion debtor-in-possession ("DIP") financing facility that, together with the Group's available cash reserves and cash provided by operations, is expected to provide sufficient liquidity for Cineworld to meet its ongoing obligations, including post-petition obligations to vendors and suppliers, as well as employee wages, salaries and benefits programs. The remainder of the DIP facility will become available upon Court approval on a final basis.
The Group Chapter 11 Companies intend to pay vendors and suppliers in full and on normal terms for valid amounts for goods and services received during the Chapter 11 process. Employees will also continue to receive their usual wages and benefits without interruption.
Cineworld and its brands around the world - including Regal, Cinema City, Picture House and yes Planet - are continuing to welcome moviegoers to cinemas as usual, which will not change during the Chapter 11 cases.
"Today's approval of our requested 'first day' relief is a positive step forward for the Group and our restructuring efforts," said Mooky Greidinger, Chief Executive Officer of Cineworld. "As we position Cineworld for long-term growth, through this Chapter 11 process and beyond
it would be helpful if we just stick to what's in public knowledge
and stop making things up about the bankruptcy process
and C7 or even talking about it, until it's written in an official RNS
C11 is where we are, business as usual, and where we will be,
until more detail come to light, nothing else.
patient
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