Regal owner Cineworld has entered into a restructuring support agreement and a backstop commitment agreement with lenders that will, if approved, see it emerge from bankruptcy. The exhibition giant…
has entered into a restructuring support agreement and a backstop commitment agreement with lenders that will, if approved, see it emerge from bankruptcy.
If the proposed restructuring is implemented, it is expected to reduce the group chapter 11 companies’ funded indebtedness by approximately $4.53 billion, principally through lenders under the legacy facilities receiving equity in the reorganized group in exchange for the release of their claims. The proceeds of the rights offering and the exit facility will be used to, among other things: repay in full the approximately $1.94 billion debtor-in-possession financing facility entered into by the group chapter 11 companies and fund costs associated with the the process and go-forward business operations.
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