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Cineworld

All articles tagged with #cineworld

business2 years ago•2 min saved

Cineworld and National CineMedia face bankruptcy woes.

National CineMedia, the largest movie theater advertising network in the US, has filed for Chapter 11 bankruptcy with a comprehensive restructuring agreement already in hand and supported by secured lenders. The move comes after the company missed several times the grace period on an interest payment originally due in mid-February, putting it in technical default already with big ratings agencies. The agreement calls for all of the company’s debt to be converted into equity, and it will assume critical contracts upon emergence of Chapter 11, and current management would be maintained to ensure continuity.

via Deadline|

#box-office #business #chapter-11

business2 years ago•2 min saved

Cineworld abandons sale plans, secures debt deal to emerge from bankruptcy.

Cineworld's shares fell by over 30% after Regal Cinemas' owner announced it would terminate efforts to sell its US, UK, and Irish businesses. Cineworld, the world's second-largest movie theater chain, filed for Chapter 11 bankruptcy protection in September due to the pandemic's impact. The company announced a debt restructuring plan with lenders to exit bankruptcy, which does not provide for any recovery of funds for shareholders. Cineworld will abandon plans to sell its US, UK, and Ireland arms unless it receives an "all-cash bid" significantly higher than the current value of the businesses.

via CNN|

#bankruptcy #business #cineworld

business2 years ago•1 min saved

Cineworld abandons sale and secures restructuring agreement to emerge from bankruptcy.

Cineworld has abandoned the sale of its US, UK and Ireland businesses after failing to find a buyer, causing shares to drop by 35%. The cinema chain operator, which filed for Chapter 11 bankruptcy protection in the US in September, has proposed a restructuring deal with lenders to reduce debt by $4.53bn and plans to raise $2.26bn to emerge from bankruptcy. Cineworld will continue to consider proposals for the sale of its 'Rest of World' business, comprising operations outside the US, UK and Ireland.

via Reuters|

#bankruptcy #business #cinema-chain

business2 years ago•1 min saved

Cineworld abandons sale plans and unveils restructuring deal.

Cineworld has dropped plans to sell its businesses in the US, UK and Ireland after failing to find a buyer. The cinema chain, which was hit hard by the pandemic, has struck a deal with its lenders to restructure its substantial debt and exit bankruptcy. Cineworld plans to raise $2.26bn of new funding and will continue to consider proposals for the sale of its business outside the US, UK and Ireland.

via BBC|

#business #cinema-industry #cineworld

business2 years ago•2 min saved

Cineworld Abandons Sale Plans and Strikes Debt Deal to Exit Chapter 11.

Cineworld, the owner of Regal Cinemas, has reached a conditional agreement with lenders to emerge from bankruptcy. The proposed restructuring is expected to reduce the group's funded indebtedness by approximately $4.53 billion and raise $800 million in aggregate gross proceeds through a fully backstopped equity offering. Cineworld has received non-binding proposals for some or all of the group's assets but will cease seeking a buyer for its businesses in the U.S., UK, and Ireland unless an all-cash bid significantly in excess of the value established under the proposed restructuring is received.

via Deadline|

#bankruptcy #business #cineworld

business2 years ago•0 min saved

Amazon's Potential Acquisition of AMC Entertainment: Unlikely to Happen Soon, Analysts Say

Amazon is reportedly considering acquiring AMC Entertainment, causing a surge in the company's stock. However, analysts suggest that U.K.-based Cineworld, which filed for bankruptcy protection last year, would be a better acquisition target for Amazon. The M&A chatter around movie theaters continues as the industry looks to recover from the pandemic.

via MarketWatch|

#amazon #amc #business

business2 years ago•1 min saved

Cineworld to Sell Theaters Outside U.S./UK, Exit Chapter 11 Soon.

Cineworld, the parent company of Regal, is nearing a comprehensive restructuring plan to exit Chapter 11 bankruptcy. The company has received interest from several parties for its business in Israel and Europe outside the UK, but no offers for the entire company or Regal in the US. Final bids are due on April 10, and a plan could be filed as soon as Wednesday. Debtors would end up owning 100% of the publicly trading company.

via Deadline|

#bankruptcy #business #cineworld