Did Tom Cruise save every theatre chain except Cineworld?
at a time when most chains are celebrating the return of movie magic. In a statement last week, the owner of more than 9,000 screens said recent admission levels have been “below expectations” owing to a limited slate of films. Cineworld said a financial restructuring may be required.
Cineworld chief executive Mooky Greidinger built the world’s second largest cinema operator through a series of debt-financed takeovers, including a US$3.6-billion acquisition of U.S. rival Regal Entertainment in 2017. The company’s most recent financial statements show it owes lenders more than US$5-billion.
Cineworld will win concessions, according to analysts. Prior to the U.K. chain’s recent announcements, analyst Maher Yaghi at Bank of Nova Scotia valued the court decision at $124-million when he calculated a target price for Cineplex’s cineplee. In a report last Friday, he cut that estimate to zero.
Cineplex plans to fight for what the courts said it is due. Earlier this year, the company hired experts in restructurings – boutique investment bank Moelis & Co. and law firm Goodmans LLP – to extract as much value from the legal settlement as possible. On Monday, the Canadian company declined to comment on Cineworld.
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