Cineworld Reaches Deal With Creditors to Shave Billions of Debt

Cineworld Group Plc is set to submit its bankruptcy-exit plan on Wednesday after reaching a deal with creditors to trim billions of dollars of debt from its balance sheet, according to a lawyer for the company.

Cineworld expects to file the plan alongside a restructuring support agreement — a deal in which a troubled company’s key creditors agree to back a debt-cutting proposal. Both agreements should be filed publicly on Wednesday, Josh Sussberg, a bankruptcy lawyer for Cineworld, said in a court hearing Tuesday.

“We are down to literally dotting ‘i’s and crossing ‘t’s,” Sussberg said. He didn’t provide ...