National CineMedia Confirms Reorganization Plan

Courtesy National CineMedia

National CineMedia (NCM) has announced its Plan of Reorganization has been confirmed by the United States Bankruptcy Court for the Southern District of Texas. This milestone comes less than three months after filing for Chapter 11 bankruptcy. The company is now expected to emerge from Chapter 11 on or around August or September of this year.

Under the confirmed plan, NCM will eliminate its debt through the equitization of its secured debt. Upon emergence, NCM will maintain its existing corporate structure with National CineMedia, Inc. serving as the manager of NCM LLC. Additionally, the company intends to enter into an approximately $55M exit financing facility, which will be used to fund operations and growth initiatives. The existing management team will continue to lead the reorganized company. NCM serves over 19,500 screens in over 1,500 theaters, including the only three national cinema chains in the U.S.

“Today’s announcement marks a major step forward in our financial restructuring, positioning the Company for long-term success,” said Tom Lesinski, the chief executive officer of NCM. “As we charge ahead toward emergence, we will continue to deliver our full funnel of advertising solutions, connecting brands with NCM’s young, diverse, and sought-after movie audiences. We extend our appreciation to our employees, customers, and partners for their unwavering support throughout this process and are excited to continue our work together in the future.”

Courtesy National CineMedia

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