Cineworld seeks 120-day exclusivity extension to preserve progress

By Sarah Lizee

Olympia, Wash., Dec. 13 – Cineworld Group plc is seeking a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of Texas.

The extension would push the exclusive plan filing period through May 5 and the exclusive solicitation period through July 5.

The company said it is seeking the extension to protect the progress it has made to date in its case, including addressing operational matters and raising up to $1.94 billion in debtor-in-possession financing.

Cineworld said it is continuing to engage with several key stakeholders regarding a consensual restructuring and path forward.

The debtor said it remains focused on developing a go-forward business plan and coalescing consensus across its capital structure for a value-maximizing plan.

“An extension of the exclusivity periods would continue to give the debtors the ‘breathing spell’ necessary to facilitate negotiations with stakeholders on remaining issues and maximize the value of the debtors’ businesses and creditor recoveries,” the company said in its motion.

Cineworld is a London-based cinema operator. The company filed bankruptcy on Sept. 7 under Chapter 11 case number 22-90168.

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