National CineMedia, Inc. (NCMI): going-concern / distress — Bankruptcy court confirms NCM's Chapter 11 plan; secured creditors get 100% of reorganized equity

National CineMedia, Inc.

Court confirmed Modified First Amended Chapter 11 Plan on June 27, 2023; effective date targeted by Aug 26, 2023.
Secured debt claims receive 100% of new common membership units in reorganized NCM LLC, subject to dilution and reallocation.
General unsecured claims share $15M cash pool; existing NCM LLC interests cancelled with no recovery.
NCM, Inc. (NCMI) to retain ~13.8% ownership in reorganized NCM LLC under NCMI 9019 Settlement.
Company issued press release; expects to emerge from Chapter 11 with restructured capital structure.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

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

Exact text from the filing

As previously disclosed, on April 11, 2023 (the “Petition Date”), National CineMedia, LLC (“NCM LLC”), the operating company for National CineMedia, Inc. (“NCM, Inc.” or the “Company”), filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) 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 Bankruptcy Code.

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National CineMedia, Inc. filing history →

Source: SEC EDGAR

accession 0001377630-23-000087

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