Milbank LLP advised the Ad Hoc Committee of Lenders (comprised of over 30 financial institutions in more than 10 countries) in the successful restructuring by Cinépolis, Mexico’s biggest movie theater operator, of $1.35 billion of syndicated and bilateral loans. The restructuring also included a secured new money facility of $200 million and a capital injection by the shareholders of Cinépolis of up to $100 million.
As of last year, Cinépolis, owned by the Ramirez family, had 862 theaters across 17 countries, including several countries throughout Latin America and Europe, as well as the United States and the Middle East.
The Milbank deal team was led by Global Capital Markets partner Carlos Albarracín and Financial Restructuring partner Nelly Almeida, along with special counsel Jeffrey Susskind and associates Pablo Richards, Edward Linden, Andres Osornio, Marco Zaldivar and Santiago Freyre. Partner Alexander Lees provided litigation support and partner Andrew Walker provided tax support.
Mr. Albarracín said: “Milbank is pleased to have advised the Ad Hoc Committee of Lenders in connection with the successful debt restructuring for Cinépolis. This transaction will allow the debt repayment schedule to be more sustainable as Cinépolis and the movie theater industry in Mexico and around the world continues to recover.”
Cinépolis retained Lazard as their financial advisor and FTI Consulting was financial advisor to the banks.
