Cineworld Files Reorganization Plan With U.S. Bankruptcy Court
deadline.comFurther to its April 3 announcement that it had reached a conditional agreement with lenders to emerge from Chapter 11, Regal owner Cineworld today submitted its reorganization plan to the U.S.
Bankruptcy Court for the Southern District of Texas. In a filing to the London Stock Exchange where its shares are traded, the exhibition giant reiterated that it expects to emerge from the Chapter 11 cases during the first half of 2023.
The group also said it remains committed to getting there “as expeditiously as possible” although, among other things, any sale transaction may delay that beyond the first semester.
On April 3, the group said it had received non-binding proposals for some or all of the its assets but determined that absent an all-cash bid significantly in excess of the value established under the proposed restructuring, it will cease seeking a buyer for its businesses in the U.S., UK and Ireland.
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