{"id":569746,"date":"2023-04-11T11:20:26","date_gmt":"2023-04-11T08:20:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cineworld-formally-files-reorganization-plan-targets-emerging-from-bankruptcy-by-mid-year\/"},"modified":"2023-04-11T11:20:26","modified_gmt":"2023-04-11T08:20:26","slug":"cineworld-formally-files-reorganization-plan-targets-emerging-from-bankruptcy-by-mid-year","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cineworld-formally-files-reorganization-plan-targets-emerging-from-bankruptcy-by-mid-year\/","title":{"rendered":"#Cineworld Formally Files Reorganization Plan, Targets Emerging From Bankruptcy by Mid-Year"},"content":{"rendered":"
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\n Movie theater giant\u00a0and Regal owner Cineworld\u00a0has formally filed its recently unveiled reorganization plan to allow it to emerge from Chapter 11 bankruptcy in the near future, the company said early on Tuesday London time. It said its goal remains to do so by mid-year.<\/p>\n

\n The second-largest exhibitor in the world has also been looking at a possible sale.\u00a0\u201cThe group remains committed to emerging from the Chapter 11 cases as expeditiously as possible although, among other things, any sale transaction resulting from the marketing process may delay emergence beyond the first half of 2023,\u201d the company said.<\/p>\n

\n The proposed restructuring, which must get app<\/a>roved by the bankruptcy court, is designed to reduce the firm\u2019s debt by about $4.53 billion, mainly through lenders getting equity in the reorganized group in exchange for releasing their claims. The Cineworld lenders that have agreed to the restructuring are controlling approximately 83 percent of the firm\u2019s term loans due 2025 and 2026 and revolving credit facility due 2023, Cineworld previously said.<\/p>\n

\n The firm reiterated on Tuesday that the reorganization\u00a0does not provide for any relief or recovery for stockholders. <\/p>\n

\n \u201cDuring the restructuring process,\u00a0Cineworld\u00a0continues to operate its global business and cinemas as usual without interruption,\u201d the company emphasized once again.\u00a0\u201cCineworld\u00a0and its brands around the world \u2013 including Regal, Cinema City, Picture House and Planet \u2013 are continuing to welcome customers to cinemas as usual.\u201d<\/p>\n<\/p><\/div>\n