Update on Regal dissenting shareholders agreement

RNS Number : 2311A

Cineworld Group plc

01 February 2022

 

FOR IMMEDIATE RELEASE

1 February 2022

Cineworld Group plc ("Cineworld" or the "Group")

Update on Regal dissenting shareholders agreement

Cineworld today announces that it has initiated discussions with former dissenting shareholders of Regal Entertainment Group (the "Regal Litigation Parties") in relation to a potential rescheduling of the Group's payment obligations under the unsecured facility agreement relating to the settlement reached with such shareholders (the "Unsecured Facility Agreement"), which was announced on 10 September 2021. In order to facilitate these discussions, Cineworld has obtained waivers of, or undertakings to waive, any events of default arising from non-payment under the Unsecured Facility Agreement from various other creditors. These creditors include certain holders of Cineworld's guaranteed convertible bond due 2025 as well as the lenders under certain of its existing debt facilities.

Cineworld has initiated discussions with the Regal Litigation Parties with the aim of maximising its available liquidity and is hopeful that a satisfactory agreement can be reached within the period afforded by the waivers.

A further announcement will be made as and when appropriate.

Cautionary note concerning forward looking statements

Certain statements in this announcement are forward looking and so involve risk and uncertainty because they relate to events, and depend upon circumstances that will occur in the future and therefore results and developments can differ materially from those anticipated. The forward looking statements reflect knowledge and information available at the date of preparation of this announcement and the Group undertakes no obligation to update these forward-looking statements.  Nothing in this announcement should be construed as a profit forecast .

This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of Cineworld is Nisan Cohen, Chief Financial Officer.

Contacts:

Cineworld Israel Greidinger Nisan Cohen Manuela Van Dessel	[phone] [e-mail]
Finsbury James Leviton Ed Treadwell	[phone] [e-mail]

 

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