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They are entering a deal to exchange debt to equity in a newco that will own the group chapter 11 companies' assets. More of a stripdown than a rescue.

Let me tell you about this Plan where the Lenders will writeoff some 4.2B debt in exchange for getting the C11 group of companies' assets.

Kroll website is working fine

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

I know right, if this was true it would be epic. The main thing is that this is an agreement between the BOD and Ad hoc lenders from 2020 when CINE hired AlixPartners and PJT Partners. Two bankruptcy firms 2 full years prior to declaring.

PJT has a PDF about substantiative consolidation and Alix has their plan layout on how to extract value from bankruptcy.

Read 'ROW Facility' from the RSA.

Sorry wolf, i will not reveal the rest of my conclusions. Let us agree that we disagree on what we think will happen at the end. Besides, it's less than a month from now. If my DD is right, Mooky will want to buy all the shares in the market for pennies with a tender offer then take the ROW group private. If I am wrong, the tuition is already paid.

Read who are the borrowers guarantors of both the DIP AND the RSA SPONSORED first lien exit facility.

Again, we are not 100% sure that 100% of all the assets will be taken away from cineworld PLC. ROW is only 13% of EBITDA of the holding company.

It has happened before and we do not have all the agreements CINE have with the Ad hoc lenders.

IF cine was able to extract ROW using a Prior Agreement with Ad Hoc lenders, how much will CINE price be if it has ROW assets and 271m debt?

@wolf

The lenders have no lien on the non debtor ROW Group except for the ROW Facility worth 271M. The rest of the debt is made by other debtor/subsidiaries.

Cineworld Group PLC (cineworld Parent) will not change hands even if it is a debtor. we have established that they can do that using legal loopholes within the RSA. What happens to other debtors assets is what the plan/rsa is all about.

The plan 'presumed' to sell ROW, and even the wholeco. Neither happened.

Row is not a debtor. Row is not a guarantor in the RSA, and is not a guarantor in the DIP aside from the ROW Credit facility that is now owned by Buysby, a debtor. Crown Holdco UK is a debtor and a guarantor in the RSA. CROWN NL, (Row Group) is a subsidiary to Crown Holdco UK. I remember asking you if a subsidiary is liable to the parent's bankruptcy.

Anyway I seem to trigger john so I will leave it at that. Let us agree to disagree as you may think I am trying to convince anyone. JohnNth already said it is possible and had happened before. But not to Cine. Because JohnNth said so.

In any case, it's only a month til the closing bell.

I'm not selling you anything.

You already said it is possible.

Creditors have a Lien on the Debtor's assets. At the end of the C11, the Reorganized debtors will own all the debtor's assets(except Cineworld Parent and Cineworld Funding). Can't find the exact page on the RSA. But that is the gist.

ROW is not a debtor in the C11 proceedings and will not enter bankruptcy proceedings. You can lookup the list of debtors and the corporate structures.

I am not here to convince you, wolf, or anyone. In fact, I do not want anyone else following my lead. I have made some of my reasoning before, I do not need to repeat.

Please put your money where your mouth is, or shove your opinion up where it belongs.

Hi wolf,

There is a window to extricate ROW in the DIP and the RSA. I think Mooky created the window during negotiations in 2020 'the facilities agreement'. Of course only insiders will know this and thus no insider has sold since 2020.

They call it project Busby. Named after football team manager. Not just for being a good manager, but for rebuilding his empire.

It does look like it's ending.

We are still not privy to the restructuring transaction memorandum and the Ancillary proceedings they will do with regards go the cine shares in the market.

They mentioned having 99% of the lenders on their side now.

It is interesting Hexam,

It looks like they are fulfilling requirements on procedures prior to completing the bankruptcy case. This could be to prevent late claims and such.

@Wolf, i did buy more this morning at 0.92.

The kroll website is working fine.

Did you buy back in yet Ian? Or are you just watching from ashore with your binoculars?

This is not a horserace. The question is will shareholders get something at the end of the tunnel. Or will it be a train to the face.

Aum is dry powder, if they think 500M was fair, they would have offered that. Maybe they did. We do not know. Basically, Ad hoc lenders just wanted ROW more than anyone else.

Same extends for wholeco. If anyone offered 4B. Yes, they will have to writeoff 1B, but it's still less than thr 4B they will writeoff at the current plan. They just wanted CINE more than the next guy.

That Or there were zero offers for any amount. Plex and Vue were rumored to have made bids.