US court approves Cineworld’s restructuring plan By Reuters

© Reuters. FILE PHOTO: A Cineworld in Leicester Square, London, Britain, October 4, 2020. REUTERS/Henry Nicholls/File Photo

(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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