© Reuters. FILE PHOTO: Folks stroll previous a Cineworld in Leicester’s Sq., amid the coronavirus illness (COVID-19) outbreak in London, Britain, October 4, 2020. REUTERS/Henry Nicholls/File Photograph
(Reuters) – Cineworld Group Plc is planning to boost $2.26 billion, in accordance with a courtroom submitting on Sunday, because the theater chain goals to emerge from Chapter 11 chapter within the first half of 2023.
The fundraising will encompass a primary lien senior secured debt credit score facility of $1.46 billion and issuance of latest widespread inventory for an combination buy worth of $800 million, in accordance the submitting with the U.S. chapter courtroom within the Southern District of Texas.
Cineworld filed for U.S. chapter safety in September to attempt to restructure its debt after being hit by the pandemic and an absence of blockbuster films. It has been struggling to seek out consumers.
The proceeds of the capital elevating shall be used to fulfill prices and bills referring to the restructuring, and in addition to pay charges, different bills and supply working capital to reorganized debtors, in accordance with the submitting.
