Cineworld Group (CINE.L), a British company that operates multiple theater chains, said on Monday that it will seek administration in order to implement a reorganization plan.
The business has said that the planned restructuring will entail the supply of $1.46 billion in fresh debt financing, the discharge of approximately $4.53 billion of the group’s funded debts, the completion of a rights offering to generate gross proceeds of $800 million, and the raising of gross proceeds from the rights offering.
In September, the operator of the world’s second-largest movie theater chain filed for bankruptcy protection in the United States with the hope of reorganizing its enormous amount of debt.
The business said in May that it anticipates emerging from Chapter 11 bankruptcy protection in July and added that its planned debt restructure received the support of the majority of its lenders.
On Monday, the business said that it is maintaining its previous optimism over its ability to exit from Chapter 11 bankruptcy in July.