TIDMCINE
RNS Number : 7792H
Cineworld Group plc
31 July 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR
INDIRECTLY) IN WHOLE OR IN PART IN, INTO OR FROM THE UNITED STATES
OF AMERICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION
CINEWORLD GROUP PLC (in administration)
("Cineworld" or the "Company")
Entry of Cineworld Group plc into Administration
Further to its announcement on 28 July 2023, Cineworld (together
with its subsidiaries, the "Group") announces that, following an
application by Cineworld Group plc to the High Court in London and
as part of the steps to implement the restructuring of the Group,
Cineworld Group plc has entered administration today pursuant to a
court order under the Insolvency Act 1986 and Simon J Appell, Ian J
Partridge and Catherine M Williamson of AlixPartners UK LLP have
been appointed as joint administrators of Cineworld Group plc (the
"Joint Administrators").
T he administration order applies only to Cineworld Group plc
itself (as the listed parent company of the Group) and not to any
of the operating companies or subsidiaries in the rest of the
Group, and will not affect the status or rights of any of the
Group's employees. As previously announced by Cineworld, the
restructuring of the Group, which will be implemented by way of the
administration process, will transform the Group's balance sheet
and provide it with significant additional liquidity to fund its
long-term strategy.
Cineworld further announces that, following an application by
Cineworld to the Financial Conduct Authority (the "FCA"), the
listing of Cineworld Group plc's ordinary shares (the "Shares") on
the Official List of the FCA will be cancelled with effect from
8.00 a.m. (London time) tomorrow morning. The Shares will cease to
be admitted to trading on the main market for listed securities of
the London Stock Exchange plc with effect from the same time.
Should you have any queries, please do not hesitate to contact
us at:
General enquiries: cineworldgroupplc@alixpartners.com
Press enquiries: mediarelations@alixpartners.com
Business as usual
The Group continues to operate its global business and cinemas
as usual without interruption and this will not be affected by
today's appointment of the Joint Administrators nor by the
cancellation of Cineworld Group plc's listing. The Group and its
brands around the world - including Regal, Cinema City,
Picturehouse and Planet - are continuing to welcome customers to
cinemas as usual. The Group continues to honour the terms of all
existing customer membership programmes, including Regal Unlimited
and Regal Crown Club in the United States and Cineworld Unlimited
in the United Kingdom.
Additional information
Information regarding Cineworld's Chapter 11 cases is available
at the following website: https://cases.ra.kroll.com/cineworld.
About Cineworld
Cineworld was founded in 1995 and is now one of the leading
cinema groups in Europe. Cineworld's acquisition of Regal
Entertainment Group has created the second largest cinema business
in the world (by number of screens). Cineworld currently operates
in the United Kingdom, Ireland, Poland, the Czech Republic,
Slovakia, Hungary, Bulgaria, Romania, Israel and the United
States.
About AlixPartners
AlixPartners is a results-driven global consulting firm that
specialises in helping businesses successfully address their most
complex and critical challenges. Our clients include companies,
corporate boards, law firms, investment banks, and others. Founded
in 1981, AlixPartners is headquartered in New York and has offices
in more than 20 cities around the world. For more information,
visit www.alixpartners.com.
Forward looking statements
This announcement is not intended to and does not constitute and
should not be construed as, considered a part of, or relied on in
connection with any information or offering memorandum, security
purchase agreement, or offer, invitation or recommendation to
underwrite, buy, subscribe for, otherwise acquire, or sell any
securities or other financial instruments or interests or any other
transaction.
This announcement contains certain forward-looking statements
with respect to the financial condition, results of operations and
business of the Group and certain plans and objectives with respect
thereto, including with respect to the Group's ordinary shares.
These forward-looking statements can be identified by the fact that
they do not relate only to historical or current facts.
Forward-looking statements often use words such as "anticipate",
"target", "expect", "estimate", "intend", "plan", "goal",
"believe", "hope", "aims", "continue", "will", "may", "should",
"would", "could", or other words of similar meaning. These
statements are based on assumptions and assessments made by the
Group in light of their experience and their perception of
historical trends, current conditions, future developments and
other factors the Group believes appropriate. By their nature,
forward-looking statements involve risk and uncertainty, because
they relate to events and depend on circumstances that will occur
in the future and the factors described in the context of such
forward-looking statements in this document could cause actual
results and developments to differ materially from those expressed
in or implied by such forward-looking statements. Although it is
believed that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such
expectations will prove to have been correct and you are therefore
cautioned not to place undue reliance on these forward-looking
statements which speak only as at the date of this document. The
Group does not assume any obligation to update or correct the
information contained in this document (whether as a result of new
information, future events or otherwise), except as required by
applicable law.
There are several factors which could cause actual results to
differ materially from those expressed or implied in
forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward-looking statements are changes in the global, political,
economic, business, competitive, market and regulatory forces,
future exchange and interest rates, changes in tax rates and future
business combinations or dispositions (including any potential sale
by the Group) and the risks, uncertainties and costs related to the
Chapter 11 cases.
Nothing in this announcement is intended as a profit forecast or
estimate for any period and no statement in this announcement
should be interpreted to mean that earnings, profit or earnings or
profit per share or dividend per share for the Group for the
current or future financial years would necessarily match or exceed
the historical published earnings, profit or earnings or profit per
share or dividend per share for the Group.
Simon J Appell, Ian J Partridge and Catherine M Williamson were
appointed Joint Administrators of the Company. Simon J Appell, Ian
J Partridge and Catherine M Williamson are licensed in the UK by
the Insolvency Practitioners Association. The affairs, business and
property of the Company are being managed by the Joint
Administrators, who act as agents of the Company without personal
liability.
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END
MSCGZGFNDMNGFZM
(END) Dow Jones Newswires
July 31, 2023 10:10 ET (14:10 GMT)
Cineworld (LSE:CINE)
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