Patrick Frater Asia Bureau Chief Beleaguered multinational cinema operator, Cineworld says that it anticipates exiting the U.S.’s Chapter 11 bankruptcy system in the first half of this year.
The company revealed Tuesday that it has now formally filed a plan of reorganization with the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
Cineworld owns the Regal cinema chain and is the second largest movie theater operator in the world. Its shares are listed in the U.K.
In a filing, Cineworld said that its proposal to the court is “supported by lenders holding and controlling approximately 83% of the group’s term loans due 2025 and 2026 and revolving credit facility due 2023 and approximately 69% of the debtors’ outstanding indebtedness under the debtor-in-possession financing facility [previously agreed with the court].” The plan filed is in line with the April 2 agreement that it struck with creditors.
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