Cineworld said on Friday that it will suspend its listing on the London Stock Exchange as part of plans to restructure its business and accounts to reduce heavy debt. The company revealed last mont…
said on Friday that it will suspend its listing on the London Stock Exchange as part of plans to restructure its business and accounts to reduce heavy debt.
The company revealed last month that it would file for administration in the UK. The world’s second-biggest cinema chain, which owns Regal in the U.S., filed for bankruptcy protection in the U.S. in September. As part of today’s statement, Cineworld bosses also said the company had secured a new $250m credit facility to help finance its restructuring. The proposed restructuring plans are expected to provide the company with significant additional liquidity to fund its long-term strategy. In particular, it will involve the release of approximately $4.53 billion of the group’s funded indebtedness, the execution of a rights offering to raise gross proceeds of $800 million, and the provision of $1.
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