Cineworld is planning to raise $2.26billion (£1.8bn) in new funding to stave off bankruptcy. The cinema chain said raising the money would allow it to exit bankruptcy and allow it to cancel the sale of its UK, Irish and US business.
The struggling company filed for bankruptcy last year putting the future of its 750 sites at risk. But now it plans to restructure its $5bn debt and come out of Chapter 11 bankruptcy.
The financial restructuring will see lenders provide $1.46bn (£1.2bn) in new credit to Cineworld. Meanwhile, while $800m (£651m) of equity will be issued to the lenders.
