National CineMedia, a cinema advertising platform in the U.S., completed its financial restructuring process and emerged from Chapter 11 bankruptcy following the confirmation of the company’s plan of reorganization by the U.S. Bankruptcy Court for the Southern District of Texas at the end of June. The plan also received the overwhelming support of the company’s creditor constituencies.
“This important milestone marks the beginning of a new era of growth,” Tom Lesinski, CEO of National CineMedia, said. “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.”
National CineMedia emerged under the ownership of its prepetition secured lenders. Through its financial restructuring, National CineMedia eliminated approximately $1.2 billion of debt. 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.
