Big cinema advertising platform National CineMedia said today its plan of reorganization has been confirmed by a judge in United States Bankruptcy Court for the Southern District of Texas.
The company filed for Chapter 11 in April. It now expects to emerge in August or September. The plan allows the company to eliminate debt and exit with a significantly stronger balance sheet.
It will maintain its existing corporate structure, with publicly traded National CineMedia serving as the manager of NCM LLC.
Existing management led by CEO Tom Lesinki will continue to lead the reorganized company. It intends to enter into an approximately $55M exit financing facility, which will be used to fund operations and growth initiatives. “Today’s announcement marks a major step forward in our financial restructuring, positioning the Company for long-term success,” Lesinski said. “As we charge ahead toward emergence, we will continue to deliver our full funnel of advertising solutions, connecting brands with NCM’s young, diverse, and sought-after movie audiences.
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