June 26 (Reuters) – British cinema chain operator Cineworld Group (CINE.L) on Monday said it will file for administration as part of a proposed restructuring plan.

The proposed restructuring will involve the release of about $4.53 billion of the group’s funded indebtedness, the execution of a rights offering to raise gross proceeds of $800 million and provision of $1.46 billion in new debt financing, the company said.

The world’s second-largest movie theatre chain operator filed for U.S. bankruptcy protection in September, hoping to restructure its massive debt.

In May, the company said that it expects to emerge from Chapter 11 bankruptcy protection in July, adding that its proposed debt restructuring had the backing of most of its lenders.

The company on Monday said it still expects to emerge from Chapter 11 bankruptcy in July.

Reporting by Eva Mathews in Bengaluru; Editing by Dhanya Ann Thoppil

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