Cineworld obtains undertakings to waive guaranteed convertible bonds
Cineworld Group
0.38p
08:19 28/07/23
Movie theatre operator Cineworld said on Tuesday that it had obtained undertakings to waive from the holders of its guaranteed convertible bonds due in 2025.
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Cineworld stated the waiver was linked to default events arising from the non-payment of funds due to former dissenting shareholders of Regal Entertainment Group.
The London-listed firm highlighted that it was also in ongoing discussions with the Regal litigation parties and vowed that a further announcement would be made as and when appropriate.
Cineworld announced last Wednesday that it was looking to further delay payments to former Regal Entertainment shareholders, having already agreed to a three-month extension in February, after initially promising to pay $170.0m to ex-owners of Regal shares in September.
As of 0845 BST, Cineworld shares were up 4.17% at 27.48p.
Reporting by Iain Gilbert at Sharecast.com