Cineworld expects to emerge from Chapter 11 bankruptcy protection in July, the British cinema chain operator said on Thursday, adding that its proposed restructuring received the support of lenders holding about 99% of its legacy debt facilities.
The world's second largest movie theatre chain operator after AMC Entertainment had filed for U.S. bankruptcy protection in September to try and restructure its massive debt.
Earlier this month, Cineworld received U.S. court approval to raise $2.26 billion as part of its bid to exit from bankruptcy, after reaching a settlement with a minority faction of lenders that had opposed parts of the exit financing.
Cineworld, which had scrapped plans to sell some or all its businesses after failing to find a buyer, is scheduled to seek final court approval of its bankruptcy restructuring on June 12. (Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips and Shailesh Kuber)