Cineworld to enter administration as part of “reorganisation” plan

Confirmed at a hearing at the end of June, the firm continues to expect to emerge from the Chapter 11 cases in July. The plan involves the release of $4.53bn (£3.5bn) of the group’s funded indebtedness, the execution of a fully backstopped rights offering to raise gross proceeds of $800m (£628.5m) and the provision of $1.46bn (£1.1bn) in new debt financing.

The firm has also said it will remain open throughout the process.  

Its chief executive Mooky Greidinger said: “The confirmation of our plan of reorganisation is a significant milestone as Cineworld moves towards emerging from this process in a strong financial position and with a more resilient capital structure. 

“I want to thank our incredible employees as well as our customers, vendors, lenders and other stakeholders who supported us throughout this process. Cineworld remains focused on refining and growing our global business and cinemas for our guests around the world and delivering the most immersive and cutting-edge cinema experiences that make us the ‘Best Place to Watch a Movie.’”