Cineworld has made a deal with its lenders to restructure its debt and emerge from bankruptcy and has also dropped plans to sell its businesses in the US, UK and Ireland.
In a statement released today (April 3), Cineworld unveiled a conditional restructuring deal with lenders that would see the exhibition giant emerge from the Chapter 11 bankruptcy process if approved.
The proposed agreement would reduce the companys indebtedness by around $4.53bn, principally through lenders receiving equity in the reorganised group in exchange for the release of their claims.
The deal will also raise $800m through a fully backstopped equity offering to all lenders and a direct equity offering to specific lenders.
It will also provide $1.46bn in new…
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