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Cineworld companies have restructuring plans approved by High Court judge

Cineworld companies have restructuring plans approved by High Court judge

The court in London was previously told the four companies would be likely to enter administration if the plans were not approved.

Four companies which form part of troubled cinema operator Cineworld have had restructuring plans approved by a High Court judge, staving off the threat of administration.

Cine-UK Ltd, Cineworld Cinemas Ltd, Cineworld Cinema Properties Ltd and Cineworld Estates Ltd, which are parts of the UK arm of the world’s second-largest cinema chain, were at risk of entering administration if the restructuring was not approved, the court heard.

The approval means that £16 million of new equity funding from the companies’ indirect parent firm will be released to fund their immediate financial needs, with further funds of up to £35 million also to be made available.

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