Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

19.Subsequent Events

On April 11, 2023 NCM filed a petition for reorganization under Chapter 11 of the United States Bankruptcy code. NCMI expects to continue to manage NCM, the “debtor in possession”, under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. In general, as debtor in possession under the Bankruptcy Code, NCM is authorized to continue to operate as an ongoing business but may not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court.

On May 1, 2023 the Company redeemed $100 in principal amount of its 8.75% Secured Notes plus accrued interest thereon for $106.6 in cash. Following the redemption, $150 in aggregate principal amount of the 8.75% Secured Notes remains outstanding. See Note 7 for discussion of the 8.75% Senior Notes.