Naman Ramachandran The Cineworld group has confirmed that its planned reorganization is going ahead and revealed plans for a new board led by a former Pepsi chair.
The reorganization plan involves the release of approximately $4.53 billion of the group’s funded indebtedness, the execution of a fully backstopped rights offering to raise gross proceeds of $800 million and the provision of $1.46 billion in new debt financing.
The group revealed earlier this week that is is entering into administration but the business will continue without interruption.
Cineworld Group and its subsidiaries had commenced Chapter 11 cases in the United States Bankruptcy Court in September 2022.
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