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Cineworld Group gets access to $785 million of DIP financing
By Sarah Lizee
Olympia, Wash., Sept. 9 – Cineworld Group plc received court approval to access $785 million of roughly $1.94 billion in debtor-in-possession financing from existing lenders, according to court documents filed with the U.S. Bankruptcy Court for the Southern District of Texas.
Barclays is bookrunner and administrative agent.
Interest is SOFR plus 1,000 basis points.
The facility is set to mature in one year, subject to three one-month extensions.
The company also received court approval of its first-day motions.
Cineworld is a London-based cinema operator. The company filed bankruptcy on Sept. 7 under Chapter 11 case number 22-90168.
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