4 May 2022 07:00
FOR IMMEDIATE RELEASE
4 May 2022
Cineworld Group plc ("Cineworld" or the "Group")
Update on Regal dissenting shareholders agreement
On 18 February 2022, Cineworld announced that it had agreed with the former dissenting shareholders of Regal Entertainment Group (the "Regal Litigation Parties") a revised schedule of payment obligations under the unsecured facility agreement relating to the settlement reached with them in September 2021 (the "Unsecured Facility Agreement"). Cineworld today announces that it has approached the Regal Litigation Parties to engage in discussions in relation to a further rescheduling of the Group's payment obligations under the Unsecured Facility Agreement. In order to facilitate these discussions, Cineworld has obtained from lenders under certain of its debt facilities waivers of, or undertakings to waive, any events of default arising under those facilities as a result of non-payment under the Unsecured Facility Agreement. Cineworld also expects to obtain equivalent waivers from holders of its guaranteed convertible bonds due 2025.
Cineworld has chosen to initiate these discussions with the aim of maximising its available liquidity and is hopeful that a satisfactory agreement can be reached.
A further announcement will be made as and when appropriate.
Cautionary note concerning forward looking statements
Certain statements in this announcement are forward looking and so involve risk and uncertainty because they relate to events, and depend upon circumstances, that will occur in the future and therefore results and developments can differ materially from those anticipated. The forward looking statements reflect knowledge and information available at the date of preparation of this announcement and the Group undertakes no obligation to update these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.
Contacts:
Cineworld
Israel Greidinger
Nisan Cohen
Manuela Van Dessel
+44 (0) 20 8987 5000
investors@cineworld.co.uk