Hundreds of millions of pounds of existing debt will be converted to equity, with roughly £50m of new capital being injected into the company.
Vue International, Europe’s largest independent cinema operator, has confirmed it is undergoing its second debt restructure in 18 months, to help shore up its finances after the Hollywood strikes stalled the release pipeline.
As first reported by Sky News, UK-based Vue, its shareholders and lenders are in the process of organising the company’s second debt-for-equity swap in 18 months. Hundreds of millions of pounds of existing debt will be converted to equity, with roughly £50m of...
Vue International, Europe’s largest independent cinema operator, has confirmed it is undergoing its second debt restructure in 18 months, to help shore up its finances after the Hollywood strikes stalled the release pipeline.
As first reported by Sky News, UK-based Vue, its shareholders and lenders are in the process of organising the company’s second debt-for-equity swap in 18 months. Hundreds of millions of pounds of existing debt will be converted to equity, with roughly £50m of...
- 1/15/2024
- by Mona Tabbara
- ScreenDaily
Steve Knibbs, group managing director and deputy CEO of cinema chain Vue International, is set to retire.
Knibbs will be stepping down on Aug. 31, bringing an end to his 36-year career in the cinema industry that includes a tenure of two decades at Vue International. Knibbs reflected on his journey, stating: “When I first entered AMC Cinemas at The Point in Milton Keynes in 1987, little did I know that it would shape my working life for the next 36 years. Now, as I prepare for retirement, I can say that I have had the privilege of experiencing the best moments of my career alongside countless exceptional individuals and teams across the U.K. and Europe.”
Knibbs went on to highlight the significant transformations witnessed in the cinema industry since 1987, including the shift from 35mm film prints to digital projection, the rise of online platforms, the introduction of recliner seats and the...
Knibbs will be stepping down on Aug. 31, bringing an end to his 36-year career in the cinema industry that includes a tenure of two decades at Vue International. Knibbs reflected on his journey, stating: “When I first entered AMC Cinemas at The Point in Milton Keynes in 1987, little did I know that it would shape my working life for the next 36 years. Now, as I prepare for retirement, I can say that I have had the privilege of experiencing the best moments of my career alongside countless exceptional individuals and teams across the U.K. and Europe.”
Knibbs went on to highlight the significant transformations witnessed in the cinema industry since 1987, including the shift from 35mm film prints to digital projection, the rise of online platforms, the introduction of recliner seats and the...
- 6/28/2023
- by Naman Ramachandran
- Variety Film + TV
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 robust capital structure to support long-term, sustainable growth,” Vue said in a statement.
The recapitalization process was approved by lenders last year. As Variety reported in July 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.
Tim Richards, founder and CEO of Vue International, said: “Covid interrupted...
The liquidity will provide the chain with “a robust capital structure to support long-term, sustainable growth,” Vue said in a statement.
The recapitalization process was approved by lenders last year. As Variety reported in July 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.
Tim Richards, founder and CEO of Vue International, said: “Covid interrupted...
- 1/27/2023
- by Naman Ramachandran
- Variety Film + TV
Vue International, the largest privately owned cinema operator in Europe, has appointed Stella David as its non-executive chair.
David, who takes up the position on 26 January, currently holds non-executive and independent director roles at Entain, Bacardi, Domino’s Pizza Group, and Norwegian Cruise Line Holdings.
“I’m delighted to welcome someone of Stella’s experience and calibre to the non-executive chair position at Vue. Stella has deep understanding of the consumer environment and a strong track record of delivering growth,” said Tim Richards, CEO and founder of Vue International.
“This will be invaluable at this crucial moment for the business and our industry, and as we look to future opportunities.”
David said it was an exciting time to be joining Vue as the cinema exhibition sector rebuilds after the Covid-19 pandemic.
“Over the past 18 months, we’ve seen huge pent-up demand for the cinema experience and – with lots of fantastic films...
David, who takes up the position on 26 January, currently holds non-executive and independent director roles at Entain, Bacardi, Domino’s Pizza Group, and Norwegian Cruise Line Holdings.
“I’m delighted to welcome someone of Stella’s experience and calibre to the non-executive chair position at Vue. Stella has deep understanding of the consumer environment and a strong track record of delivering growth,” said Tim Richards, CEO and founder of Vue International.
“This will be invaluable at this crucial moment for the business and our industry, and as we look to future opportunities.”
David said it was an exciting time to be joining Vue as the cinema exhibition sector rebuilds after the Covid-19 pandemic.
“Over the past 18 months, we’ve seen huge pent-up demand for the cinema experience and – with lots of fantastic films...
- 1/25/2023
- by Melanie Goodfellow
- Deadline Film + TV
Cinema chain Vue International has appointed veteran executive Stella David as its non-executive chair.
David has extensive executive experience leading and growing large consumer-facing businesses and currently holds non-executive and independent director roles at Entain plc, Bacardi Ltd, Domino’s Pizza Group plc, and Norwegian Cruise Line Holdings Ltd. David has also held non-executive board positions with HomeServe plc and Nationwide Building Society.
Previously, David was CEO at family-owned spirits distiller and distributor Wm Grant & Sons, overseeing global brands such as Glenfiddich, Balvenie and Grant’s Whisky, Hendrick’s Gin, Monkey Shoulder and Drambuie. David was also chair of C&j Clark Ltd and CEO of Bacardi-Martini Ltd.
Tim Richards, CEO and founder of Vue International, who also serves as BFI chair, said: “I’m delighted to welcome someone of Stella’s experience and calibre to the non-executive chair position at Vue. Stella has deep understanding of the consumer environment and...
David has extensive executive experience leading and growing large consumer-facing businesses and currently holds non-executive and independent director roles at Entain plc, Bacardi Ltd, Domino’s Pizza Group plc, and Norwegian Cruise Line Holdings Ltd. David has also held non-executive board positions with HomeServe plc and Nationwide Building Society.
Previously, David was CEO at family-owned spirits distiller and distributor Wm Grant & Sons, overseeing global brands such as Glenfiddich, Balvenie and Grant’s Whisky, Hendrick’s Gin, Monkey Shoulder and Drambuie. David was also chair of C&j Clark Ltd and CEO of Bacardi-Martini Ltd.
Tim Richards, CEO and founder of Vue International, who also serves as BFI chair, said: “I’m delighted to welcome someone of Stella’s experience and calibre to the non-executive chair position at Vue. Stella has deep understanding of the consumer environment and...
- 1/25/2023
- by Naman Ramachandran
- Variety Film + TV
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