Cineworld expects to emerge from Chapter 11 bankruptcy protection in July, the British cinema chain operator said on Thursday, adding that its proposed restructuring received the support of lenders holding about 99 per cent of its legacy debt facilities.
The company operates the biggest cinema complex in Ireland, with 17 screens at Cineworld on Parnell Street in Dublin.
[ Cineworld shareholders wiped out in restructuring planOpens in new window ]
The world’s second largest movie theatre chain operator after AMC Entertainment had filed for US bankruptcy protection in September to try to restructure its massive debt.
Earlier this month, Cineworld received US court approval to raise $2.26 billion (€2.11 billion) as part of its bid to exit from bankruptcy, after reaching a settlement with a minority faction of lenders that had opposed parts of the exit financing.
Stealth sackings: why do employers fire staff for minor misdemeanours?
The key decisions now facing Donald Trump which will have a big impact on the Irish economy
MenoPal app offers proactive support to women going through menopause
Ezviz RE4 Plus review: Efficient budget robot cleaner but can suffer from wanderlust under the wrong conditions
Cineworld, which had scrapped plans to sell some or all its businesses after failing to find a buyer, is scheduled to seek final court approval of its bankruptcy restructuring on June 12th. – Reuters
