Regal Owner Cineworld Receives Approval for ‘First Day’ Relief on Chapter 11 Proceedings
Group, which has 9,139 screens in 10 countries, has received approval from the U.S. Bankruptcy Court for the Southern District of Texas for “first day” relief related to its Chapter 11 proceedings filed on Sept. 7. The group’s companies includeThe court granted the group immediate access to up to some $785 million of an approximate $1.
Summarizing, Cineworld said the approval will allow the group’s companies to, “pay vendors and suppliers in full and on normal terms for valid amounts for goods and services received during the Chapter 11 process. Employees will also continue to receive their usual wages and benefits without interruption.”
It said that Cineworld and its brands – including Regal, Cinema City, Picture House and yes Planet – are continuing to welcome moviegoers to theaters as usual, and that will not change during the Chapter 11 process. The group will continue to honor the terms of all existing customer membership programs, including Regal Unlimited and Regal Crown Club in the U.S. and Cineworld Unlimited in the U.K.
“Today’s approval of our requested ‘first day’ relief is a positive step forward for the group and our restructuring efforts,” said, CEO of Cineworld. “As we position Cineworld for long-term growth, through this Chapter 11 process and beyond, we remain steadfast in our commitment to providing our guests with the most memorable moviegoing experiences and maintaining our long-standing relationships with our business partners.
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