---
schema_version: "secwatch.filing_event.v1"
accession: "0001377630-23-000056"
form_type: "8-K"
ticker: "NCMI"
cik: "0001377630"
company_name: "National CineMedia, Inc."
filed_at: "2023-04-12T23:59:59+00:00"
generated_at: "2026-06-17T02:58:58.005511+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# NCM LLC files Chapter 11 with prearranged debt-to-equity restructuring; Q4 rev up 44%

## Summary
- Chapter 11 filing on April 11, 2023; NCM Inc. not filing and continues as manager.
- Restructuring Support Agreement converts all funded debt to equity; secured lenders support.
- NCM Inc. will own ~14% of reorganized NCM LLC after equitization and $15M capital contribution.
- Q4 2022 prelim revenue $91.7M (+44.4% YoY); Adjusted OIBDA $42.1M (+130% YoY).
- All general unsecured claims to be paid in full unless a creditors committee is formed.

## SEC filing metadata
- accession: 0001377630-23-000056
- form_type: 8-K
- ticker: NCMI
- cik: 0001377630
- company_name: National CineMedia, Inc.
- filed_at: 2023-04-12T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 1.03, 2.02, 2.04, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1377630/000137763023000056/0001377630-23-000056-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1377630/000137763023000056/ncmllc-20230411.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001377630-23-000056
- JSON: https://secwatch.observer/filing/0001377630-23-000056.json
- Plain text: https://secwatch.observer/filing/0001377630-23-000056.txt

## Key facts
- Distress & Bankruptcy
  National CineMedia, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-04-11).
  - Proceeding: chapter 11
  - Court: United States Bankruptcy Court for the Southern District of Texas
  - Petition: 2023-04-11
  source text: On April 11, 2023, National CineMedia, LLC (“NCM LLC”), the operating company for National CineMedia Inc., (“NCM, Inc.” or the “Company”), filed a voluntary petition for reorganization (the “Chapter 11 Case”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1377630/000137763023000056/0001377630-23-000056-index.htm
- Earnings Releases
  National CineMedia, Inc. reported Q4 2022 results: revenue $91.7 million.
  - Period: Q4 2022
  - Revenue: $91.7 million
  - Result: preliminary results
  source text: Based on preliminary unaudited Q4 2022 results, NCM Inc. expects to report total revenue growth of 44.4% to $91.7 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1377630/000137763023000056/0001377630-23-000056-index.htm
- Material Agreements
  National CineMedia, Inc. entered into Restructuring Support Agreement with NCM LLC and certain holders (the "Consenting Creditors") of (A) revolving and term loan claims under the 2018 Credit Agreement and the 2022 Revolving Credit Agreement, (B) 5.875% Senior Secured Notes due 2028, and (C) 5.750% Senior Unsecured Notes due 2026 (effective 2023-04-11).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: NCM LLC and certain holders (the "Consenting Creditors") of (A) revolving and term loan claims under the 2018 Credit Agreement and the 2022 Revolving Credit Agreement, (B) 5.875% Senior Secured Notes due 2028, and (C) 5.750% Senior Unsecured Notes due 2026
  - Effective: 2023-04-11
  source text: On April 11, 2023, NCM, Inc. entered into a restructuring support agreement (the “Restructuring Support Agreement”) with NCM LLC and certain holders (the “Consenting Creditors”) of (A) revolving and term loan claims under (i) that certain Credit Agreement, dated as of June 20, 2018 among NCM, LLC as Borrower, JPMorgan Chase Bank, N.A. (“JPM”) in its capacity as administrative agent, and the lenders party thereto (as amended, supplemented or otherwise modified from time to time, the “2018 Credit Agreement”); and (ii) that certain Revolving Credit Agreement dated as of January 5, 2022 among NCM, LLC as Borrower, JPM in its capacity as administrative agent, and the lenders party thereto (as amended, supplemented or otherwise modified from time to time, the “2022 Revolving Credit Agreement”), (B) 5.875% Senior Secured Notes due 2028 (the “Secured Notes”) issued by NCM, LLC pursuant to that certain Indenture dated as of October 8, 2019 and Computershare Trust Company, National Association (
  evidence_url: https://www.sec.gov/Archives/edgar/data/1377630/000137763023000056/0001377630-23-000056-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.