The movie theater advertising giant will strike a $55 million exit financing deal and the existing leadership will remain in place as part of a debt-for-equity deal agreed with lenders.
The Chapter 11 filing followed Cineworld failing to find buyers for some or all of its exhibition assets. National CineMedia’s business, like Cineworld, was hit by the shutdown of cinemas due to the COVID-19 pandemic, followed by the slow industry recovery since the reopening of theaters and advertising being affected by macro-economic clouds.
Under its confirmed plan, National CineMedia will maintain its existing corporate structure and management team to lead the reorganized company, backed by a $55 million exit financing facility to fund operations and growth. “Today’s announcement marks a major step forward in our financial restructuring, positioning the company for long-term success,” Tom Lesinski, National CineMedia CEO, said in a statement.
Exhibitor AMC Theatres recently acquired shares in the cinema advertising firm as a regulatory filing indicated its stake amounted to 9.1 percent.
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