Cineworld Group has gained approval for “first day” relief from a US bankruptcy court in relation to its Chapter 11 proceedings, allowing the operator to access around $785m (£675m) in financing.
The group said the approval, granted by the US Bankruptcy Court for the Southern District of Texas, will help provide sufficient liquidity to meet ongoing obligations, including post-petition obligations to vendors and suppliers, employee wages and benefits. Those are expected to be paid out in full during the Chapter 11 process. Customer membership programmes will also continue.
The amount forms part of a circa $1.94bn debtor-in-possession facility, the remainder of which will be made available to the group upon further court approval.
