The movie theater advertising giant vows to 'swiftly and responsibly emerge as a stronger company' without disruption to its operations.
National CineMedia listed its assets as being worth $500 million-$1 billion, while its liabilities amount to $1 billion-$10 billion. The company missed an interest payment in mid-February, leading to several extensions of the grace period before Tuesday’s Chapter 11 filing.
Under its deal with lenders, National CineMedia said it would “assume all of its critical contracts upon emergence , ensuring that the company will maintain the largest national cinema advertising network.” The restructuring agreement “will position us to deliver the strong results our advertisers and cinema partners have come to expect from us today and well into the future,” said National CineMedia CEO Tom Lesinski. “We are entering this process with the overwhelming support of our secured lenders and key stakeholders, which we expect will enable us to swiftly and responsibly emerge as a stronger company.
Exhibitor AMC Theatres on Monday disclosed the acquisition of shares in the cinema advertising firm. A regulatory filing showed its stake amounting to 9.1 percent.
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