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Unsecured lenders are unsecured. My understanding is that because ROW is not included in the restructuring process, they have no right to use it to reclaim their funds. If secured lenders are covered then I would believe that would be more than sufficient in the eyes of the judge. If you’re unsecured, tough sh*t, including Cineplex.

That’s how I see it, I am in no way experienced with bankruptcies, so perhaps someone else could give their insight.

If they were planning to sell the whole thing in one piece, then why does the ROW have a separate deadline? The two are getting treated as separate entities.

Lenders may get the US and UK to cover the debt, but if they also want ROW they will need to pay for it if all their secured debt is covered by what they get in US and UK. That could be where shareholders scoop something up.

@HNS hope you’re doing well. A big thank you for taking the time to catch-up and update us. So tomorrow is going to be quite a big day since the plan is getting released.

With regard to ROW, it is nice to hear they have offers that covers secured debt for the C11 entities (US and UK). If that’s the plan we get tomorrow then it is possible that UK and US will be divested and that leaves the current PLC we hold shares in with just the ROW segment. If we then get a decent offer by April 10th for that segment, then shareholders may also get a payout as it would be essentially be an acquisition of CINE as that’s all that’s left. Plus remember that ROW is not subject to the C11 restructure, so it could be the case that it stays in our hands, so sale of ROW means sale of CINE. If secured debt is covered in full, then ROW could be sold for the approx $500m that it was approximated to be worth, couldn’t it?

Same here @Srini, but I think this is a lesson that everyone learns. Need to make sure with everything next time that I guard my money well and hedge risk appropriately.

Money comes and goes, so even though it’s a sizeable loss, we’ll make it back at some point ;)

Good evening @rich - welcome.

Not really directly. I think that even if Jeff Bezos was interested in CINE, the smart thing to do would be to wait until C11 is finished and then see what he can get. Buying the company now means taking the debt with it, and nobody with a straight mind would do that when you can wait a few months then pick up the scraps later.

I think that the lenders won’t be too fond of keeping CINE once control is handed to them. If they were optimistic about the future of CINE, we wouldn’t have been in C11 in the first place as they would have given us an extension/waiver on the obligations that CINE defaulted on.

Let’s await and see. Last time we had widespread rumours like Mooky had sold off his stake an RNS was issued which made it clear that he didn’t. Same thing with the Vue rumour, that is when the RNS came out that CINE was looking to sell as an intact unit and no decent offers had emerged.

If the rumours are false, expect an RNS explaining such.

If the rumours are true, then it is a matter of time until a suspension is announced and we know the rest.

Again, a lot of us see this as a zero now, so it is just pure speculation for us.

wow, let’s see what happens here. A lot of us were speculating a scenario where Mooky arrives home dry. Now it appears that instead of Mooky receiving fresh equity in the newly structured company, it could be a golden parachute in the form of some sort of huge redundancy payment. Maybe to the level that a complete wipeout for Mooky would not be as bad as he once thought, and would equate to a decent recovery of the value of his investment.

One thing for sure in my opinion is that he will fight for a hefty payment if they are to remove him, Mooky is a fighter. If it is left to a choice of either 1) he is removed with a low compensatory payment or 2) the lenders will not co-operate, I believe he will go with option 1 and just fight to the finish. This could also explain why the C11 process has been met with delay after delay, remember that it was initially expected to end by Q1 of this year, here we are and we have no idea of the so-called Plan from official sources, let alone it being completed.

Let’s see what happens. A lot of us have already written this investment off as zero value, so anything we leave with is a bonus.

@Mr.Kioto and @livestock - which brokers are you with?

Let’s see what happens @BlueBuxton, I’m hopeful :)

Yes, the biscuit talk! I remember hoping for one of those large Victoria selection boxes when CINE reaches £1, we may have to settle for Asda ‘smart price’ digestives if CINE wipes us out lol

@StanleyPro, same situation and agreed :)

@Hexam thanks for that. When I posted the question I had not refreshed the page. It was only after I posted it that I then saw your response :)

@patiencebringsit, that’s a good question, why just yesterday has this happened? What occurred within the company for this meeting to be triggered now?

Nice post there @Bonkers - I had the same mindset too. Yes, the balance sheet is not healthy, but as we emerge from the downturn in the industry we would see some nice pent-up demand and it would just be a matter of time until CINE would rise again.

@Bonkers, good afternoon. Certainly was very different back then, we lost quite a few LTH’s after all of this C11 started. Nice to hear from you.

@Cruis, Mooky’s body language was very open and encouraging, but as I mentioned, you could tell Nisan was concerned in some way.

@HNS - great to hear from you. I’m also on the fence about going.

@KickThePuss - nice to hear from you too. It is great that ex-SH are still coming by to visit :)

No worries @BlueBuxton, have a pleasant evening

Edit: not just any sort of settlement, but anything that lowers the sum or is even mildly preferable.

The meeting is inviting shareholders to give suggestions on how the board should proceed, I have very little idea at this time what I would say.

I personally want to find out what is happening with Cineplex. Israel specifically mentioned that this was a hinderance to CINE getting some more flexibility on their debt terms. If we find that Cineplex has offered something but CINE has turned it down, I would tell them to just take any sort of settlement. This could allow lenders to throw CINE another lifeline especially now that the theatrical industry is heating up again with films. Lenders know this company is a money maker, so they wouldn’t have any issue allowing CINE to proceed with business, otherwise this would have been a C7 instead of a C11.

Going to the meeting might be worth it just to observe the body language and tone of the board. You can tell a lot by just those two things. The meeting otherwise just seems a bit strange, you’re asking your shareholders for advice on something that you have barely informed them about. All they’ve told us of value is that they’re looking for the best possible outcome for lenders and stakeholders. Could it be that we maybe get some more info before the date of this meeting?

@BlueBuxton, great to recall that day again. I think it was HNS that saw Mooky checking the share price?

Mooky seemed very optimistic that day, but I think Nisan knew what was coming. He was very straightforward that everything was being considered and wouldn’t go into too many details. Mooky once said that he believed we could get out of the financial difficulty without any need for equity dilution in an interview, but Nisan had a similar tone to what we have been seeing in these RNS’s.

I do feel that the current financial situation of the company is quite dire, they have defaulted on a lot of obligations. This company will not be able to continue without a restructuring of its balance sheet, it is just a case of whether shareholders remain intact.

Thanks for clearing that up @Hexam, makes sense.