US court approves Cineworld's restructuring plan By Reuters

No-Recession Predictions Begin to Look More Plausible, but Risks Remain Too High

US court approves Cineworld's restructuring plan

Published Jun 29, 2023 02:37AM ET Updated Jun 29, 2023 02:13PM ET

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US court approves Cineworld's restructuring plan

(Corrects day in first paragraph to Thursday)

(Reuters) - British cinema chain operator Cineworld Group said on Thursday that a U.S. court had approved its debt restructuring plan.

The company, which filed for Chapter 11 protection in the U.S. last year, said it continued to expect to emerge out of bankruptcy in July.

The proposed restructuring involves the release of about $4.53 billion of the group's debt, a rights offering to raise gross proceeds of $800 million and the provision of $1.46 billion in new debt financing, Cineworld had said.

(This story has been refiled to correct the day to Thursday in paragraph 1)

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