British cinema chain Cineworld has entered into negotiations with disgruntled former shareholders of Regal Entertainment Group to delay a series of payments due to them as a result of the company’s takeover process, which closed in 2018.
Specifically, the agreement focuses on the 170 million dollars (151 million euros) that Cineworld agreed to pay to shareholders who were not satisfied with the agreed acquisition price. This deal between both parties was closed in September 2021.
To facilitate discussions with these shareholders, Cineworld has indicated that it has obtained waivers or the requirements to obtain exemptions, so that the non-payment of the amounts due is not considered a ‘default’.
Cineworld has entered into these discussions with Regal’s litigating parties with the aim of maximizing its available liquidity and is hopeful that a satisfactory settlement can be reached within the period allowed by the waivers.