Ann Sarnoff Joins Cineworld Board As Regal Parent Emerges From Bankruptcy

📆 8/1/2023 4:34 AM
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Regal parent Cineworld has officially emerged from bankruptcy, unveiling five new board members and a strengthened balance sheet. The chain, which was flattened by Covid and high debt, filed for Ch…

has officially emerged from bankruptcy, unveiling five new board members and a strengthened balance sheet. The chain, which was flattened by Covid and high debt, filed for Chapter 11 in the Southern District of Texas last September.

It exits today having reduced that debt by about $4.53 billion and raised $800 million in new equity capital. The restructuring also saw it secure new debt financing of $1.71 billion, “With this strengthened and recapitalized balance sheet, the Group is well-positioned to pursue future strategic initiatives and continue providing leading cinematic experiences for customers globally,” the company said in a statement.

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Regal Owner Cineworld Takes Next Step Toward Exiting BankruptcyAppointing a U.K. administrator is the latest step as the exhibition giant looks to emerge from bankruptcy proceedings as part of a debt-for-equity transaction.
Source: THR - 🏆 411. / 53 Read more »