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@Mountainous,

Docket 46 line 17 answers that question. I had to take a while to digest the paragraph but I was convinced.

Ian is in denial after capitulating last week. He barely made sense several months ago, not much improvement after he capsized. I respect all LTH and punters alike.

It's not over until the fat lady sings!

That is not what the RNS stated. CINE was not that forthcoming.

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

The slide on the presentation.

The Plan will be put forward. Lookup RSA.

Market will probably be closed when articles are ready.

My opinion is that they cannot deny current shareholders the equity on ROW unless ROW inherits the leftover debt from the DIP AND ROW declared Bankruptcy.

Now, if Cine shoves the ROW Loan Facility Inside the DIP, and the D4E effectively cancels/forgives the DIP Loan together with the rest of the Secured credit, ROW will maintain the equity structure.

@retail,

This is my biggest question at the moment. Dip loan contains all Cine's Secure loans, but only C11 group companies are under C11(US, UK and Jersey).

Does that mean they can only take ownership of those parts in exchange for the Loans?

@Retail,

Docket 46, part 17 specified this (thanks @Wolf).

ROW has debt, but not a debtor in the C11. However, an 'assignco' now owns its debt. Assignco is inside CINEWORLD PLC and its debt inside the DIP. If the entire 6B secured loan is paid, CINE will have ROW debt free.

If not, ROW is indebted (DIP Lenders has a lien) on its assets.

'The Company does not expect the Chapter 11 filing to result in a suspension of trading in its shares on the London Stock Exchange. '

They do not expect the shares to be suspended at any point during the c11.

ROW is not under C11 and will be another ancillary proceeding after the C11 concludes. We are far from done.

There is an updated version of the paragraph buried under the H1 2022 earnings report.

The lenders providing the DIP Facility have also agreed that a portion of the DIP Facility would be used for the purchase by a newly incorporated Group company of the outstanding commitments under the "Rest of World" facility (being the facility advanced to fund the Group's operations in Poland, Romania, Hungary, the Czech Republic, Bulgaria, Slovakia and Israel). This debt transfer occurred upon the Court's interim approval of the DIP Facility at the "first day" hearing, after which a newly incorporated Group company is the sole lender under the "Rest of World" facility. The terms of such facility may be further amended. Prior to the debt transfer, the prior lenders under the "Rest of World" facility had agreed to forbear temporarily in exercising certain rights triggered by the filing of the Chapter 11 Cases. As a result of these arrangements, the Rest of World group entities are not debtors within the Chapter 11 Cases or any equivalent local proceedings at this time. A further update will be provided in due course.

You forgot this part on the same RNS:

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 process.

AND The paragraph prior to that mentions this

https://www.legislation.gov.uk/ukpga/2006/46/contents

Part 26 ans 26a. It is fun reevaluating these documents.

Rest of world.

@wolf,

That is exactly what bullsb is saying. PLEX decided to toss their hat in the ring and insist on their 1B can claim. Right now I read Unsecured Cine loans are selling 15p for the pound. Meaning everyone expects to be curbstomped.

If plex can change anything by folding now is up in the air. Most likely not, as I am sure if they were willing to negotiate they would have done so 1 year ago.

@RI22,

You actually convinced me to reread all the RNS from august last year.
If anyone else will, take note of what Cineworld and company means and when it is used. Take note of Group and C11 group of companies and when it is used.
And lastly, take note if/when at all ROW is mentioned or involved.

@Wolf, you sound squarely like Ian. The PE will most likely convert their debt to equity into the Newco and will be itching to sell as soon as they break even.

Ian, I do not think it is legal to borrow from a bank then loan it to a high risk company. That would be riskier than equity and lesser returns. That does not make sense to me.

@BB

That would put mooky in the position of some posters here hoping CINE can trade its way out with full equity. As hexam points out, that ship has sailed.

Or is it?

Fourth, contained within every RSA will be some verbiage surrounding a so-called “fiduciary out” for the debtor. All this means, practically, is that if at some point the debtor believes that the RSA is no longer in the best interests of the estate, then it can terminate the RSA.
https://restructuringinterviews.com/blogs/restructuring/restructuring-support-agreements

Some news will have more info or more relevance. Latest does not always mean a better news. I just skim through them and figure out how much research the writer put in before dismissing.

The judge can try but the lenders will vote on it in the end. Or if we have a voice in the case, the shareholders as well.

Just to add, selling individually increases the number of possible buyers and increases the chance of bidding war on certain desirable assets.