The top management of multinational cinema chain Cineworld are to receive up to $35 million to exit the company as it emerges from Chapter 11 proceedings, according to a report. The company’s…
“now has the support of lenders holding and controlling approximately 99% of the legacy facilities and at least 69% of the outstanding indebtedness under the debtor-in-possession facility of Cineworld and certain of its subsidiaries,” the group had said in a statement in May.
In May, the lenders also agreed to amended and restated versions of the restructuring support agreement and the backstop commitment agreement, which were filed with the United States Bankruptcy Court. Cineworld owns the Regal cinema chain and is the second largest movie theater operator in the world. Its shares are listed in the U.K.
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