Cineworld Group Plc is set to submit its bankruptcy-exit plan on Wednesday after reaching a deal with creditors to trim billions of dollars of debt from its balance sheet, according to a lawyer for the company, Bloomberg News reported. Cineworld expects to file the plan alongside a restructuring support agreement — a deal in which a troubled company’s key creditors agree to back a debt-cutting proposal. Both agreements should be filed publicly on Wednesday, Josh Sussberg, a bankruptcy lawyer for Cineworld, said in a court hearing Tuesday. “We are down to literally dotting ‘i’s and crossing ‘t’s,” Sussberg said. He didn’t provide further details on the plan. The world’s second-largest theater chain, which owns Regal Cinemas in the US, has struggled to find buyers for the whole company in recent months. It has received no bids that come close to covering Cineworld’s $6 billion in outstanding secured debt, Sussberg said. A sale process for the holding company has effectively “been terminated,” he added. However, there are several potential buyers interested in the company’s operations in eastern Europe and Israel, he said. Binding bids for that portion of the firm are due on April 10.
