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Cineworld Group receives extension of exclusive plan periods
By Sarah Lizee
Olympia, Wash., Jan. 5 – Cineworld Group plc’s amended motion seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan was approved Thursday by the U.S. Bankruptcy Court for the Southern District of Texas, according to an order.
The exclusive plan period was extended through April 5 and the exclusive solicitation period was extended through June 5, as requested by the company.
The original motion sought to push the dates back through May 5 and July 5, 2023, respectively.
The motion was also amended so that nothing in the exclusivity extension order will alter the requirements imposed on the debtors of the rights of the debtor-in-possession lenders and DIP agent under the terms of the DIP order and loan documents.
The company sought 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 DIP 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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