Property Giants Oppose Cineworld's Rent Cuts Plan
British Land, Landsec, and Legal & General Investment Management oppose Cineworld's plan for significant rent cuts. The restructuring includes closing six multiplexes and revising rent deals for nearly 50 locations. Despite opposition, the plan will proceed as Cineworld's largest creditors support it.
A trio of property giants, British Land, Landsec, and Legal & General Investment Management, has opposed Cineworld's financial restructuring plan, which involves significant rent cuts for landlords.
This plan includes closing six UK multiplexes and revising rent agreements for almost 50 other locations.
Despite the opposition, the restructuring will proceed as Cineworld's owners, who are also major creditors, support the plan.
Cineworld needs substantial rent reductions to ensure its long-term viability and to address a £15.9 million rent bill due in June 2024.
Cineworld trades from over 100 UK locations and employs thousands of people but faces financial woes, including multibillion-dollar debt leading to Chapter 11 bankruptcy protection in 2022.
This plan includes closing six UK multiplexes and revising rent agreements for almost 50 other locations.
Despite the opposition, the restructuring will proceed as Cineworld's owners, who are also major creditors, support the plan.
Cineworld needs substantial rent reductions to ensure its long-term viability and to address a £15.9 million rent bill due in June 2024.
Cineworld trades from over 100 UK locations and employs thousands of people but faces financial woes, including multibillion-dollar debt leading to Chapter 11 bankruptcy protection in 2022.
