28th Jul 2023 12:38
(Alliance News) - Cineworld Group PLC announced on Friday that it had suspended its shares from trading at the company's request and that it will enter administration on Monday.
Cineworld, a London-based cinema chain said that Cineworld Group PLC shares will be cancelled from trading on Tuesday.
Cineworld said the planned restructuring, when implemented by way of an administration process, will transform the group's balance sheet, providing it with significant additional liquidity to fund its long-term strategy. The restructuring will involve the release of approximately USD4.53 billion of the group's funded debt and a new revolving credit facility of USD250 million which has been secured.
This followed the news that on June 26 that it had entered administration as part of its restructuring attempt to reduce debt levels.
Cineworld previously announced in April it had filed a restructuring plan to a US bankruptcy court in the Southern District of Texas, as the company was hit hard by the Covid-19 pandemic, which caused the enforced closure of its cinemas.
"The group continues to operate its global business and cinemas as usual without interruption and this will not be affected by the group Chapter 11 Companies' emergence from their Chapter 11 cases, including the entry of Cineworld Group PLC into administration or the suspension and cancellation of the listing and the admission to trading." said Cineworld.
By Will Neill, Alliance News reporter
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