The British group benefits from liquidity of 1.94 billion dollars from its creditors to ensure the continuation of its activities during its reorganization.
Cineworld, the second largest cinema chain in the world, announced on Wednesday that it would file for bankruptcy in the United States, in order to restructure its liabilities and try to find new liquidity in the midst of the crisis in dark rooms. Cineworld and some of its subsidiariescommenced Chapter 11+ bankruptcy protection proceedings in the Federal Bankruptcy Court for the Southern District of Texas“, According to a press release from the British group.
The procedure will allow Cineworld “with the expected support of its secured creditors, to seek to implement deleveraging transactions to strengthen its accountsand accelerate its strategy, adds the group. Cinéworld benefits from cash of 1.94 billion dollars from its creditors to ensure the continuation of its activities during its reorganization, he specifies.
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The British group recalls that this restructuring will result, as it had already announced, in a dilution of the value of its large shares, information which had caused the share value to collapse a few weeks ago. It was worth only 4.29 pence on Wednesday, up 10% on the trading session. The title has collapsed by 87% since the beginning of the year.