Cineworld Gets Competing Offer for $2.26 Billion Financing (2)

Some lenders to Cineworld Group Plc are putting together a competing bankruptcy exit financing package that they argue is superior to the theater chain’s existing $2.26 billion proposal.

A group of lenders that includes Avenue Capital Management, Jefferies Leveraged Credit Products LLC and Greywolf Capital Management unveiled their proposal in court filings and a bankruptcy hearing Thursday. The creditors argue Cineworld’s current exit financing plan unfairly benefits a majority lender group they were blocked from joining.

The competing group has commitments for an exit term loan facility of as much as $1.46 billion that would be cheaper than ...