Cinema chain operator Cineworld expects to exit bankruptcy protection in July

Cineworld expects to emerge from Chapter 11 bankruptcy protection in July, the British cinema chain operator said on Thursday, adding that its proposed restructuring received the support of lenders holding about 99 per cent of its legacy debt facilities.

The company operates the biggest cinema complex in Ireland, with 17 screens at Cineworld on Parnell Street in Dublin.

[ Cineworld shareholders wiped out in restructuring plan ]

The world’s second largest movie theatre chain operator after AMC Entertainment had filed for US bankruptcy protection in September to try to restructure its massive debt.

Earlier this month, Cineworld received US court approval to raise $2.26 billion (€2.11 billion) as part of its bid to exit from bankruptcy, after reaching a settlement with a minority faction of lenders that had opposed parts of the exit financing.

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Cineworld, which had scrapped plans to sell some or all its businesses after failing to find a buyer, is scheduled to seek final court approval of its bankruptcy restructuring on June 12th. – Reuters