Cineworld Shares Rise As Bankrupt Chain Gets Access To $785 Million In Financing

Bankruptcy Court Grants Cineworld Immediate Access To $785 Million In Financing

’ parent Cineworld immediate access to up to approximately $785 million of a financing facility, providing sufficient liquidity for the giant theater chain to meet ongoing obligations, including to vendors, suppliers and employee salaries and benefits.

The remainder of the total $1.9 billion DIP, or debtor-in-possession facility will become available upon Court approval on a final basis. . The judge noted at the close of the hearing that the DIP deal will keep Cineworld operating. Without it, “this business would have been closed.”“Today’s approval of our requested ‘first day’ relief is a positive step forward for the Group and our restructuring efforts,” said CEO Mooky Greidinger.

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