{"id":580441,"date":"2023-06-28T00:09:43","date_gmt":"2023-06-27T21:09:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/national-cinemedia-chapter-11-restructuring-plan-confirmed-by-court\/"},"modified":"2023-06-28T00:09:43","modified_gmt":"2023-06-27T21:09:43","slug":"national-cinemedia-chapter-11-restructuring-plan-confirmed-by-court","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/national-cinemedia-chapter-11-restructuring-plan-confirmed-by-court\/","title":{"rendered":"#National CineMedia Chapter 11 Restructuring Plan Confirmed by Court"},"content":{"rendered":"
\n

\n Movie theater advertising giant National CineMedia<\/a> has been cleared by a Texas court to emerge from Chapter 11 bankruptcy protection as part of a debt restructuring deal earlier agreed with key lenders.<\/p>\n

\n National CineMedia, which has around a $1.1 billion debt load with bondholders, said the\u00a0United States Bankruptcy Court for the Southern District of Texas confirmed its voluntary reorganization plan to emerge from Chapter 11 in August or September 2023.<\/p>\n

\n The news<\/a> follows Regal Entertainment Group owner Cineworld, the world\u2019s second-largest exhibitor, announcing it\u00a0will file for administration in the U.K. and delist its shares from the London Stock Exchange. That comes as part of its own debt-for-equity transaction that will see the cinema chain emerge from U.S. bankruptcy protection in July as assets in the cinema chain would be transferred to a new incorporated company controlled by lenders.<\/p>\n

\n The Chapter 11 filing followed Cineworld failing to find buyers for some or all of its exhibition assets.\u00a0National CineMedia\u2019s business, like Cineworld, was hit by the shutdown of cinemas due to the COVID-19 pandemic, followed by the slow industry recovery since the reopening of theaters and advertising being affected by macro-economic clouds.\u00a0<\/p>\n

\n Under its confirmed plan, National CineMedia will maintain its existing corporate structure and management team to lead the reorganized company, backed by a $55 million\u00a0exit financing facility to fund operations and growth.<\/p>\n

\n \u201cToday\u2019s announcement marks a major step forward in our financial restructuring, positioning the company for long-term success,\u201d\u00a0Tom Lesinski, National CineMedia CEO, said in a statement.<\/p>\n

\n Exhibitor AMC Theatres recently acquired shares in the cinema advertising firm as a regulatory filing indicated its stake amounted to 9.1 percent.\u00a0<\/p>\n<\/p><\/div>\n