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Dean what is the twist? It appears the only way for long holders to recover is to sue in uk courts... another long shot!
Looks like LTH's need to make a decision either to cut and run with something in hand, or roll
the dice and attempt to get some kind of recovery via the UK courts.... clock is ticking before suspension.
CINE News from my broker!
CINEWORLD GROUP PLC - Important Information
Proposed Appointment of Administrators.
Important Information & Other Key Dates:
On 26th June 2023, Cineworld Group (Cineworld) announced an update to their Chapter 11 Plan of Reorganisation with the United States Bankruptcy Court for the Southern District of Texas. The Plan was initially filed on 26th April 2023 and contemplates a proposed restructuring of the Group.
Subsequently, Cineworld currently expects to appoint Administrators in July 2023, at which point the Company's Ordinary shares will be suspended from trading on the London Stock Exchange on the next business day. Please be aware that you will not be able to trade in your Cineworld shares while they are suspended.
Cineworld continues to expect to emerge from the Chapter 11 case in July 2023, pending creditor approvals and other requirements to be obtained by the Bankruptcy Court.
We will notify you on receipt of any further information from the Company or Administrators.
Should you wish to find more information about the Appointment of Administrators, please visit the Cineworld website, www.cineworldplc.com/
Has anyone started the ball on contacting UK firms for a UK law suite , in an attempt to recover anything?
Hi Patience.... thanks for all of the effort with the US courts, although it did not go our way.
Is there any value in pursuing a law suite in the UK court systems? Technically if CINE goes into administration there will be a third party assigned to handle things. I do not think the UK courts would have approved of the deal structured in the US.
Any feedback either way?
** not suspended.... but currently halted.... have not seen this before .
On trading212 it says that this instrument has been suspended. But on my other account its still tradable ???
Does anyone know what happened if shares get suspended? Administration process will kick off, but If my shares still have 5k in value and they get delisted... do I at least get the value of the shares that I hold?
Hey Dean. What do you mean "if the market doesn't respond as positive tomorrow something is wrong"?
Hey Wolfie.... any chance you believe in miracles? any feedback on the emergency submission?
To be transparent. I lost a lot of money (although only 1/5 of my overall portfolio). I have made peace with this. Lesson learned, and will not toss money in distressed companies in the future. As a result, I will also be getting a second job to replace the losses.
Not financial advice, but the best way to go is slow and steady S&P 500 index, ETF. This was play / lambo money for me, but still stings.
Ok. So the judge passes the current plan in the USA. What happens to our UK shares?
They will continue to trade until which date?
The stock price sees to be going down not up? It needs to go up faster.
Https://uk.finance.yahoo.com/news/cineworld-file-administration-part-financial-065516121.html
The day is coming soon. Wonder how long it will trade after this date?
Elvis... fat chance of that happening. In the USA the lawyers and the judge play on the same team. Legal fees no matter how outragous is paramount in their proffesion.
Judges ruling:
it would be inappropriate to force the Estate to bear the
substantial costs of an equity committee in this hopelessly insolvent case. The Motion to
Reconsider is denied.
Damn, this was out last shot? Any ideas ... anyone?
Can anyone summaries the new valuation that was submitted?
1. What is the new estimated value of Cine?
2. How do I get added to the telegram group ?
Why is the stock rebounding today ? Lets hope for 7p ..
wolfie.... thanks for the strait feedback!
moving forward ... us lth's.... will just take this on the chin.....
but as i am also a usa dual citizen.... the ch11 laws need to be reviewed... this ****
is not right... no matter how you slice it.
incompetent management should never be rewarded. and the shareholders.....