Business
National CineMedia Successfully Completes Financial Restructuring and Announces New Board of Directors
Company Substantially Strengthens Capital Structure, Poised to Seize Opportunities with Financial Flexibility New Directors Bring Experience and Expertise in
About this update from National Cinemedia, Inc.
[{"type":"text","content":"\nCompany Substantially Strengthens Capital Structure, Poised to Seize Opportunities with Financial Flexibility\n\n\nNew Directors Bring Experience and Expertise in Advertising, Finance, Digital, Media, and Technology\n\n\nLeading Cinema Advertising Platform Positioned for Growth and Success\n\n\n CENTENNIAL, Colo.--(BUSINESS WIRE)--\nNational CineMedia, LLC (NCM, NCM LLC or the Company), the largest cinema advertising platform in the U.S., today announced the successful completion of its financial restructuring process and emergence from Chapter 11 on August 7, 2023. This follows confirmation of NCM’s Plan of Reorganization (the Plan) by the United States Bankruptcy Court for the Southern District of Texas (the Court) on June 27, 2023, which received the overwhelming support of its creditor constituencies.\n\n\n“This important milestone marks the beginning of a new era of growth,” said Tom Lesinski, Chief Executive Officer of NCM. “With a restructured balance sheet, the most advanced data and advertising solutions in the industry, and access to the biggest moviegoing audiences, we are now positioned to capitalize on new and exciting opportunities. We continue to experience record-breaking box office performance with Barbie and Oppenheimer seen by almost 60 million consumers to date, driving maximum awareness of the power of movies and the cultural conversation that they ignite. With these tailwinds propelling us forward, NCM will continue to unite brands with young, diverse audiences at movie theaters nationwide during the biggest cultural moments of the year.”\n\n\nThe Company emerges under the ownership of its prepetition secured lenders. NCM LLC will maintain its existing corporate structure with National CineMedia, Inc. (Nasdaq: NCMI), continuing to serve as the manager of NCM LLC, and retaining a 13.8% stake in the reorganized Company. Through its financial restructuring, NCM eliminated approximately $1.2 billion of debt, substantially strengthening its capital structure. The Company has also entered into an approximately $55 million exit financing facility, which will be used to, among other things, fund future growth initiatives.\n\n\nAdditionally, NCM emerges from its restructuring with new members appointed to its Board of Directors, bringing extensive advertising, financial, media, technology, and digital experience. ...