Cinema chain Vue International has completed its recapitalization process and now has access to £75 million ($92 million) of additional liquidity. The liquidity will provide the chain with “a…
2022, Vue has signed an agreement for its first-lien lenders to take 100% equity ownership of the business. The new backers are believed to be financial investors and lenders as opposed to banks or private equity.
Vue said that the fully consensual transaction was agreed with all stakeholders and was implemented contractually and that there was a debt-for-equity swap with approximately £470 million of existing debt removed from the balance sheet. The transaction converted existing first-lien debt to new first-lien debt with extended maturity and extinguished second-lien debt.
“Given the huge pent up demand we’re seeing for the cinema experience, and with lots more fantastic films set for theatrical release later this year, we are at a pivotal moment for the industry,” Richards added. “Alongside the recent, the completion of our recapitalization means that Vue is now strongly-positioned to invest in the business and accelerate growth.”
Vue International, which is the largest privately owned cinema operator in Europe, operates 1990 screens across 227 sites in nine countries.
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