National CineMedia exits Chapter 11, cutting $1.2 billion of debt

By Sarah Lizee

Olympia, Wash., Aug. 7 – National CineMedia, LLC completed its financial restructuring process and emerged from Chapter 11 bankruptcy on Monday, according to a press release.

As previously reported, the company’s plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on June 27.

The company emerges under the ownership of its prepetition secured lenders. It will maintain its existing corporate structure with National CineMedia, Inc. continuing to serve as the manager of National CineMedia, LLC, and retaining a 13.8% stake in the reorganized company.

Through the restructuring, National CineMedia eliminated about $1.2 billion of debt, and has also entered into a roughly $55 million exit facility, which will be used to fund future growth initiatives, among other things.

The company had new members appointed to its board of directors. Its existing executive team will continue to lead the business and will partner closely with the new board to drive growth and engage audiences across the country, the company said.

Joining chief executive officer Tom Lesinski on the board are Lauren Zalaznick as chair of the board, Bernadette Aulestia, Nicholas Bell, David E. Glazek, Juliana Hill, Tiago Lourenco, Jean-Philippe Maheu and Joe Marchese.

National CineMedia is a Centennial, Colo.-based integrated media company. The company filed bankruptcy on April 11 under Chapter 11 case number 23-90291.

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