Response to media speculation

RNS Number : 6936W

Cineworld Group plc

22 August 2022

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN WHOLE OR IN PART IN, INTO OR FROM THE UNITED STATES OF AMERICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

22 August 2022

Cineworld Group plc ("Cineworld" or the "Group")

Response to media speculation

In response to media speculation, Cineworld is today providing an update to its announcement on 17 August 2022 regarding an evaluation of strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging transaction.

Cineworld and Regal theaters globally are open for business as usual and continue to welcome guests and members. 

The strategic options through which Cineworld may achieve its restructuring objectives include a possible voluntary Chapter 11 filing in the United States and associated ancillary proceedings in other jurisdictions as part of an orderly implementation process. Cineworld is in discussions with many of its major stakeholders including its secured lenders and their legal and financial advisers.

Any such filing would be expected to allow the Group to access near-term liquidity and support the orderly implementation of a fully funded deleveraging transaction.  Cineworld would expect to maintain its operations in the ordinary course until and following any filing and ultimately to continue its business over the longer term with no significant impact upon its employees. As previously announced, any deleveraging transaction would, however, result in very significant dilution of existing equity interests in Cineworld.

Cineworld's evaluation of these strategic options remains ongoing. A further announcement will be made if and when appropriate.

Contacts:

Cineworld Group plc:

Israel Greidinger

Nisan Cohen

Manuela Van Dessel

[phone] [e-mail]

FGS Global:

James Leviton

James Thompson

Ed Treadwell

[phone]

[e-mail]

 

END

 

 

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