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Selling 750 regal sites individually will be a nightmare. I think you mean regal, cineworld uk, picturehouse, etc will be auctioned individually as Ross Mould from AJ Bell suspected.

Aren't convertible bonds technically loans? That would make them lenders before being shareholders. I do not know the seniority tbh. I recall 800m convertible bonds giving lifeline to CINE in nov 2020.

No recovery of equity interest for me means either the price will not rise to previous levels again, or we no longer own the assets we used to. The former is better than the latter.

An impressive summer can still entice buyers to make offers. The judge can force CINE to sell the Group individually instead of as a group. We can even receive a portion from the restructured newco.

With regards to hertz, there is a small chance of a buyout, or even an auction. But we still need to know the price floor established by the plan. And then upwards from there.

Technically, Sp has a buywall at 1.8 and 2p respectively. But a more specific equity leftover from thr D4e will be promising/devastating.

I still need to understand what equity interest, and 'recovery of equity interest' means.

@mountainous, I have not read Hertz's RNS history but I did research Debenhams last night.

It was night and day. Debenhams were promising rainbows and unicorns and refusing to cooperate with both lenders and interested parties.

@mountainous, it is good to have you back. It guts me to see another LTH Capitulate.

The fat lady has yet to sing. The D4E will not happen until end of May and any sale will be further down the line if they materialize. I actually doubled my share count and hold to hope I am not misunderstanding anything.

I recall that the 22 Sep RNS they said CINE will be trading throughout and I still see the price floor of 1.8p and upwards from there.

Thanks @retail.

I think it will be catastrophic for plex, its shareholders and its board to accept this fee. They will need to make it look like a win. This is probably the hard ball they are trying to play.

I do not know the amount but if the Cine and the senior lenders have critical voting mass, they can obliterate their entire claim during the D4E. I think they already mentioned they do.

@retail, do we even know what the 'offer' to PLEX is?

https://cases.ra.kroll.com/cineworld/Home-DocketInfo

They were not serious about selling. There are tons of conditions for buying that it is as if they will not take lowball offers.
1. At least 6b cash.
2. No stock, debt refinance, or options.
3. ROW is not really for sale.
4. No offer for individual assets.

I understand some of these are conditions for lenders, but they could have been more lenient on the offers.

Hi HNS, from how I see it,

1. Cine and the senior lenders have a pre petition RSA where they can shaft anyone they want because they have critical mass to override dissent from senior lender. What I do not understand is their use if 'stakeholders'.

2. The distinction between the group and the company is made ambiguous for some reason. The group is under C11. The company has 6b debt.

3. The RSA has an exit clause that if things seem to improve, the debtor can exit the RSA and renegotiate with the creditors, or other lenders.

I cannot repeat this enough. The takeover code does not apply. They skirted the takeover code by separating assets.

Cine was profitable pre covid, debt servicing included. A lot of the debt came from acquiring regal, covid, then the court case.

Box office is still short of being profitable for most of the industry as well.

Sussberg represents CINEworld as a whole and the biggest shareholder is the CEO.

That was 2016. The share stopped being tradeable 2018 i think.

Thank you wolf. That explains the worry on the unsecured lenders. In the link LTH showed anyone below the 3rd string received nothing.

The management got 8% while shareholders got 4%. At that ratio, Mooky will be better off sucking up to the Lenders than to uphold the value of his shares.

For CINE to layout a viable RSA, they need to have a majority of senior, secured, and unsecured creditors. I do not think they will have this without Plex and its 1B unsecured judgement.

You missed the part where they said the takeover code does not apply.

Didnt the CEO keep his share and position?