National CineMedia completes restructuring, emerges from Chapter 11

National CineMedia announced the completion of its financial restructuring process and emergence from Chapter 11 on August 7. This follows confirmation of NCM’s plan of reorganization by the United States Bankruptcy Court for the Southern District of Texas on June 27, which received support of its creditor constituencies. The company emerges under the ownership of its prepetition secured lenders. NCM LLC will maintain its existing corporate structure with National CineMedia, continuing to serve as the manager of NCM LLC, and retaining a 13.8% stake in the reorganized company. Through its financial restructuring, NCM eliminated approximately $1.2B of debt. The company has also entered into an approximately $55M exit financing facility, which will be used to, among other things, fund future growth initiatives. Additionally, NCM emerges from its restructuring with new members appointed to its board. NCM’s existing executive team will continue to lead the business. Lauren Zalaznick has been named Chair of the Board, which is now comprised of nine members.