Shareholders will be wiped out as a new incorporated company controlled by lenders emerges from bankruptcy proceedings as part of a debt-for-equity transaction.
will file for administration in the U.K. and delist its shares from the London Stock Exchange.
In the latest update on its restructuring plan, Cineworld said its business would not be impacted by a planned emergence from U.S.protection set for July as assets in the cinema chain would be transferred to a new incorporated company controlled by lenders. Cineworld reiterated that it will be business as usual for the company as it races to complete a proposed restructuring to reduce a towering debt load. “The group and its brands around the world – including Regal, Cinema City, Picturehouse and Planet – are continuing to welcome customers to cinemas as usual,” the exhibitor said in its Chapter 11 update.
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