UK Cinema Chain Vue Taken Over by Lenders in Restructuring (1)

A group of lenders are taking over UK cinema chain Vue International in a restructuring deal for part of the firm’s £700 million ($828 million) debt.

Lenders led by Barings LLC and Farallon Capital Management LLC will swap a portion of the debt they own in the company for equity, according to people familiar with the matter.

Vue’s Canadian pension fund owners, Alberta Investment Management Corporation and Omers, are exiting the firm, the people said.

Vue, which has 228 sites across nine European countries, was hit hard by the pandemic and furloughed much of its workforce. Even when cinemas ...