Cineworld, owner of the Regal Cinemas movie theater chain, announced Monday that it has emerged from bankruptcy following a restructuring that among other things includes the incorporation of a new parent company, still called Cineworld.
The company has also announced a new board of directors whose members include former Warner Bros. CEO Ann Sarnoff.
With its restructuring, Cineworld said in a statement Monday that it has reduced its funded indebtedness by more than $4.5 billion, has “raised approximately $88 million in new equity capital,” and secured around $1.71 billion in new debt financing, which includes $250 million of revolving credit.
“With this strengthened and recapitalized balance sheet, the Group is well-positioned to pursue future strategic initiatives and continue providing leading cinematic experiences for customers globally, including through investments in new screen formats and enhancements to its flagship theatres,” the company said.
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