Successful restructure of national cinema group

After an unexpected equity investment fell through, BTG Advisory was instructed to explore the potential restructuring, refinancing and accelerated sale options of a well-known cinema group with 13 sites across the UK.

Our specialist team prepared marketing materials to take the opportunity to market and within four weeks had sourced indicative offers from PE/special situation investors. Our team also worked with the management team and shareholders to explore consensual restructuring and equity injection options. BTG Advisory also worked closely with management to manage cash burn and extend the cash runway. This included negotiating with the bank to secure the release of additional funds.

BTG Advisory secured two potential deals; however, due to a high level of historical liabilities the bank was not willing to execute the deals as they believed they would get a better outcome through a trading administration.