National CineMedia Plan of Reorganization Confirmed
27 Junho 2023 - 5:01PM
Business Wire
Plan of Reorganization Strengthens Balance
Sheet through Full Equitization of Debt
Maintaining Its Dominant Position as the
Largest Cinema Advertising Platform in the U.S.
National CineMedia, LLC (NCM LLC or the Company), the largest
cinema advertising platform in the U.S., today announced its Plan
of Reorganization (the Plan) has been confirmed by the United
States Bankruptcy Court for the Southern District of Texas (the
Court). This milestone comes less than three months after filing,
representing a swift and significant stride forward in the
Company's financial restructuring efforts. The Company is expected
to emerge from Chapter 11 on or around August or September
2023.
Under the confirmed Plan, the Company will eliminate its debt
through the equitization of its secured debt. With a significantly
stronger balance sheet, NCM LLC will be positioned to bolster its
market-leading position with the financial resources to bring
cutting-edge innovation to its advertising partners, continue to
build its best-in-class data and attribution platform, and invest
in growth strategies. Upon emergence, the Company will maintain its
existing corporate structure with National CineMedia, Inc. (NASDAQ:
NCMI) (NCM 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 successfully reorganized company.
"Today’s announcement marks a major step forward in our
financial restructuring, positioning the Company for long-term
success,” said Tom Lesinski, 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.”
Upon emergence, NCM LLC will maintain its dominant position in
cinema advertising, serving over 19,500 screens in over 1,500
theaters, including the only three national cinema chains in the
U.S. As the industry leader in data intelligence on the moviegoing
audience, NCM will continue to effectively harness the massive
reach, scale and power of cinema to generate impactful business
outcomes for advertisers.
Additional Information
Court filings and additional information related to the
Company’s Chapter 11 cases are available on a separate website
administrated by the Company’s claims, noticing, and solicitation
agent, Omni at https://omniagentsolutions.com/NCM. Stakeholders
with questions may call the Company’s Claims Agent Omni at (866)
956-2144 or (747) 293-0095 if calling from outside the U.S. or
Canada or email NCMInquiries@OmniAgnt.com.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as
legal counsel, Lazard Frères & Co. LLC is serving as investment
banker, and FTI Consulting is serving as financial advisor to the
Company. The Company has retained C Street Advisory Group to serve
as strategy and communications advisor.
About the Company
National CineMedia (NCM) is America’s Movie Network. As the
largest cinema advertising platform in the U.S., we unite brands
with young, diverse audiences through the power of movies and
popular culture. NCM’s Noovie® show is presented exclusively in 47
leading national and regional theater circuits including AMC
Entertainment Inc. (NYSE:AMC), Cinemark Holdings, Inc. (NYSE:CNK)
and Regal Entertainment Group (a subsidiary of Cineworld Group PLC,
LON: CINE). NCM’s cinema advertising platform offers broad reach
and unparalleled audience engagement with more than 19,500 screens
in over 1,500 theaters in 195 Designated Market Areas® (all of the
top 50). NCM Digital and Digital-Out-Of-Home (DOOH) go beyond the
big screen, extending in-theater campaigns into online, mobile, and
place-based marketing programs to reach entertainment audiences.
National CineMedia, Inc. (NASDAQ:NCMI) owns a 100% interest in, and
is the managing member of, National CineMedia, LLC. For more
information, visit www.ncm.com and www.noovie.com.
Forward-Looking Statements
This press release contains various forward-looking statements
that reflect management’s current expectations or beliefs regarding
future events and results of operations, including the Company’s
emergence from Chapter 11, statements concerning the ultimate
impact of the restructuring on the Company and NCM Inc.’s business,
and ongoing business prospects, among others. Investors are
cautioned that reliance on these forward-looking statements
involves risks and uncertainties. Although the Company believes
that the assumptions used in the forward-looking statements are
reasonable, any of these assumptions could prove to be inaccurate
and, as a result, actual results could differ materially from those
expressed or implied in the forward-looking statements. These
factors and risks include, but are not limited to, unanticipated
developments that prevent, delay or negatively impact a resolution
of discussions with lenders and other financial, operational and
legal risks and uncertainties detailed from time to time in
cautionary statements contained in the filings of the Company with
the Securities and Exchange Commission. Please refer to the
Company’s Securities and Exchange Commission filings, including the
“Risk Factor” section of the Company’s Annual Report on Form 10-K
for the year ended December 29, 2022, and subsequent Quarterly
Reports on Form 10-Q, for further information about these and other
risks. Investors are cautioned not to place undue reliance on any
such forward-looking statements, which are presented only as of the
date they are made. The Company undertakes no obligation to update
any forward-looking statement, whether as a result of new
information, future events or otherwise, except as required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230626338530/en/
Media Contact Pam Workman Pam.Workman@ncm.com
Press@ncm.com
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