Member Info for Tegop

Mooky can, and will drag it as long as he can. But he does not have the upper hand. The Ad Hoc lenders do.

The Landlords have been dealt with by the 1st day motions. The landlords were paid off at the second wave of negotiation. Pending lease agreements cancellation / renegotiation are still ongoing. They are not as high off the list as you were saying.

That is the only one with the slide with the timeframe and the judge's comments.

That would be a maybe on a maybe. The possibility of a what if situation does not affect the matter at hand.

You are trying to make it sound like the Ad hoc Lenders are desperate, when they are not. They are first lien and with enough voting rights, they can screw over anyone underneath.

That would be a maybe on a maybe. The possibility of a what if situation does not affect the matter at hand.

You are trying to make it sound like the Ad hoc Lenders are desperate, when they are not. They are first lien and with enough voting rights, they can screw over anyone underneath.

@Ian,

This is not a leveraged buyout. This is a deleveraging transaction (d4e) of a financially distressed Company.

**freely buy and sell

https://celluloidjunkie.com/2023/02/22/cineworld-proposes-schedule-for-exiting-bankruptcy-through-reorganization-or-sale/

Does this mean any undisclosed information will be disclosed this week? That would allow insiders to freely and sell at the open.

That or somebody is about to get an enema.

'It doesnt work like that as CW are in breach of their covenants. Who gets what depends on security and their position in terms of liens.'

The DIP allowed CINE to pay up the covenants that are due. The current agreement will depend on what the Ad Hoc Lender team decided as the Plan.

'Cineworld's subsidiaries and affiliates not engaged in the US, UK or Jersey businesses were not included in the filing and are not part of the Chapter 11 Cases.'

@wolf,

I meant upon dilution.

@Hexam,

As RI said, The C11 Group assets will be valued based on cash flow, assets, etc. 6B is not far off. 6b will pay off thr ROW Loan.

Also i am not sure how much haircut everyone is willing to take.

This is not an echochamber. His comments are valued here.

The ancillary proceedings are dependent on the result of C11 proceedings. It may not even be necessary. You are saying it is over now.

From the 30 Sep RNS:

"Given the international nature of the Group's business, certain aspects of the de-leveraging transaction to be pursued in the Chapter 11 Cases may require ancillary implementation proceedings beyond the Chapter 11 Cases. No final decision has been taken in relation to whether any such ancillary implementation proceedings are to be pursued in this case, and any final decision will be subject to a number of factors, nor has a decision been taken on the timing of any such process. However, the possible ancillary implementation proceeding that may be used by the Group in this case could include, among other things, a restructuring plan or a scheme of arrangement under Part 26A or Part 26 (respectively) of the UK Companies Act 2006, or other ancillary proceedings in the UK or other key jurisdictions alongside the Chapter 11 Cases in order to achieve the objectives of the restructuring. A further update on this point will be provided in due course."

And I keep saying there is an ancillary proceeding to sort out the DIP Lenders who has a lien on the ROW assets but is dependent on the C11 proceedings.

It is all in the h1 2022 earnings RNS. You are saying I am not reading what I am reading.

You are saying that even if there is a distinction between the group and the company, they mean the same thing when equity is being diluted.

That is at odds with the words on the RNS. Also at Odds with the previous quote that ROW is unaffected by the C11 filings.

Also at odds with the RNS that said the ROW will be due for ancillary proceedings after the C11 concluded.

Among other things.

@wolf, you are confounding the Group with the Company. The Group is under C11. They are sometimes referred to C11 Group. The Company has DIP loan and the Group's assets are being Marketed for sale, or D4E.

Now let us read the last RNS with that in mind.

'CINEWORLD GROUP PLC("Cineworld" or the "Company")

Update on Chapter 11 cases

Chapter 11 cases

On 7 September 2022, Cineworld (together with its subsidiaries, the "Group") announced that it and certain of its subsidiaries had commenced Chapter 11 cases in the United States. In that announcement, Cineworld stated its expectation that any transaction implemented through the Chapter 11 cases would result in very significant dilution of existing equity interests in the Group and that there was no guarantee of any recovery for holders of existing equity interests'

The COMPANY'S equity interest in The GROUP will be significantly diluted (not wiped out). And the dilution will not be recoverable.

Row is not in this C11 and will be in an ancillary proceeding after. We do not know how they will settle the debt and how the DIP lenders who own the ROW debt will proceed after.

Otc shares are equivalent to lse shares, just less liquid.

Cine knows the Plan and they do not expect the shares to suspend trading throughout the c11.

A short read of the last RNS shows CINEWORLD PLC is not for sale and any offer on the entire enterprise will trigger the takeover code.

I think you can take your bull with you pedro. You do not add anything to the conversation and the level of research you provide shows how committed you are to this.