Cineworld Group PLC (LSE:CINE) (Cineworld Group PLC (LSE:CINE)) is to try and push back the date of the final payment on sums owed to disgruntled former owners of US Regal for a second time.
The cinema group has already received one delay until 30 June 2022 to the US$73.9mln outstanding but said today it wants a further rescheduling to improve its liquidity.
"Cineworld today announces that it has approached the Regal Litigation Parties to engage in discussions in relation to a further rescheduling of the group's payment obligations under the unsecured facility agreement," the company said in a statement.
"In order to facilitate these discussions, Cineworld has obtained from lenders under certain of its debt facilities waivers of, or undertakings to waive, any events of default arising under those facilities as a result of non-payment under the unsecured facility agreement."
It also expects to obtain waivers from holders of its guaranteed convertible bonds due 2025.
Cineworld was ordered to pay US$255mln to Regal shareholders unhappy with the price it offered when it acquired Regal in 2018 for US$3.6bn, a deal that saddled it with debts of more than US$8bn.