National CineMedia is in a plan-implementation posture around a modified reorganization plan, with the latest provided docket context showing a seventh amended plan supplement and revised cure schedule filed in September 2023 rather than a sale or liquidation path. The debtor filed chapter 11 on April 11, 2023, after pandemic-era theater closures, reduced attendance, and streaming competition left its cinema-advertising business with an unsustainable capital structure, despite its continuing role as the operator of a large North American in-theater advertising network. The first-day declaration described roughly $1.15 billion of funded debt, about $47.9 million of cash subject to prepetition liens, and a restructuring support agreement backed by holders of more than two-thirds of secured debt and NCM, Inc.; the proposed transaction would equitize secured funded debt, preserve the Up-C structure, assume key exhibitor agreements, and avoid new DIP financing by using cash collateral instead Declaration of Ronnie NgDkt. 14.
The case moved quickly from filing into a negotiated balance-sheet restructuring. The first-day notice package covered use of cash collateral, ordinary-course operating relief, workforce obligations, customer programs, critical vendors, taxes, insurance, utilities, privacy redactions, schedule extensions, and retention of Omni as claims and noticing agent, reflecting a debtor seeking to stabilize operations while prosecuting a prearranged plan First-Day Notice AffidavitDkt. 46. The capital stack in the case context included term loan and revolving debt, secured notes, unsecured notes, and a letter of credit, with the restructuring framework centered on converting secured funded debt into reorganized equity and providing unsecured noteholders warrants while preserving general unsecured recovery treatment as described in the first-day declaration .
The formal plan path began with the debtor’s First Amended Chapter 11 PlanDkt. 249, a six-class reorganization plan sponsored by National CineMedia, LLC. By September, the docket had advanced to plan-supplement refinement: Omni served notice of the seventh amended plan supplement for the modified first amended plan and a revised cure schedule, indicating that the case was focused on final plan documents, contract cure mechanics, and emergence-related implementation rather than asset disposition Seventh Amended Plan Supplement NoticeDkt. 578.
