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Cineworld gets extension on payments to former Regal shareholders -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: The Cineworld logo can be seen at Canary Wharf (London, Britain), March 11, 2020. REUTERS/Keith Weir

(Reuters] – Cineworld and Regal have reached an agreement that will delay the final payment to shareholders who are not satisfied with the company’s U.S. division. This is in line with the British debt-laden theatre chain’s efforts to make the most of the cash it has.

According to the London-listed firm, $170 million would be paid in September to shareholders that were dissatisfied with its offer of $23 per Share when it purchased Regal in 2017.

Cineworld, who took on huge debts as part of the $3.6B Regal deal, received a three month extension to pay $79.3M in instalments until June 30, according to the company.

Separately, the world’s second largest movie theatre operator is embroiled in an ongoing dispute with Canada’s Cineplex. This could lead to damages up to C$1.23 Billion ($969.7 Million).

($1 = 1.2685 Canadian dollars)

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