Cinema chain Vue International has completed its recapitalization process and now has access to £75 million ($92 million) of additional liquidity. The liquidity will provide the chain with “a…
2022, Vue has signed an agreement for its first-lien lenders to take 100% equity ownership of the business. The new backers are believed to be financial investors and lenders as opposed to banks or private equity.
Vue said that the fully consensual transaction was agreed with all stakeholders and was implemented contractually and that there was a debt-for-equity swap with approximately £470 million of existing debt removed from the balance sheet. The transaction converted existing first-lien debt to new first-lien debt with extended maturity and extinguished second-lien debt.
“Given the huge pent up demand we’re seeing for the cinema experience, and with lots more fantastic films set for theatrical release later this year, we are at a pivotal moment for the industry,” Richards added. “Alongside the recent, the completion of our recapitalization means that Vue is now strongly-positioned to invest in the business and accelerate growth.”
Vue International, which is the largest privately owned cinema operator in Europe, operates 1990 screens across 227 sites in nine countries.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lady Gaga Celebrates Her 4th Oscar Nomination: ‘So Grateful for the Magic of Music & Cinema’.ladygaga has been nominated three times for best original song, this year for co-writing “Hold My Hand” from 'Top Gun: Maverick' with BloodPop. Oscars
Read more »
First Look: Dining at the New Violet Crown CinemaA chapter in one of my favorite books about movies perfectly sums up the experience of eating movie theater concessions. The book is called A Year at the Movies: One Man's Filmgoing Odyssey. Written by Kevin Murphy of Rifftrax and Mystery Science Theater 3000 fame, the book chronicles an entire...
Read more »
The Sundance Film Festival: A Lively Market for Indie CinemaThe Sundance Film Festival, presented this year in Utah and online, continues its transformation into a shopping center for streaming services. Its best offerings include a Julia Louis-Dreyfus comedy and documentaries on Ukraine and Michael J. Fox.
Read more »
Photos: 50 years of the Loft Cinema in TucsonAug. 30, 2022 is the Loft Cinema's 50th anniversary. The original building that housed the old Loft Theatre at 504 N. Fremont Ave. pre-dates the establishment of the New Loft Theatre as an 'art house' movie theatre. In 1972, Nancy…
Read more »
Moviebill Rebrands As ‘Really’ And Sets International Expansion Into Japan, UK & MoreEXCLUSIVE: Moviebill, the US-based augmented reality platform, has rebranded as ‘Really’ and will expand Augmented Reality (AR) distribution and Web3 content offerings to moviegoers int…
Read more »
U.N. Secretary-General Demands International Peacekeeping Force for HaitiUnited Nations Secretary-General Antonio Guterres on Monday demanded the formation of an international peacekeeping force to combat gang violence and restore stable government in Haiti.
Read more »