Cineworld obtains undertakings to waive guaranteed convertible bonds

Movie theatre operator Cineworld said on Tuesday that it had obtained undertakings to waive from the holders of its guaranteed convertible bonds due in 2025.

Cineworld stated the waiver was linked to default events arising from the non-payment of funds due to former dissenting shareholders of Regal Entertainment Group.

The London-listed firm highlighted that it was also in ongoing discussions with the Regal litigation parties and vowed that a further announcement would be made as and when appropriate.

Cineworld announced last Wednesday that it was looking to further delay payments to former Regal Entertainment shareholders, having already agreed to a three-month extension in February, after initially promising to pay $170.0m to ex-owners of Regal shares in September.

As of 0845 BST, Cineworld shares were up 4.17% at 27.48p.

Reporting by Iain Gilbert at Sharecast.com