Cineworld Sends $ 200 Million Loan Ahead Of A Tense Movie Season

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FILE PHOTO: Cineworld Cinema near Manchester, UK, October 4, 2020 REUTERS / Phil Noble

(Reuters) – Cineworld has received additional $ 200 million in loans from existing lenders, the theater operator said Friday as it prepares to welcome new viewers again for a strong roster of upcoming films.

The company, which had a net debt of $ 8.3 billion at the end of 2020, also renegotiated existing debt agreements to reduce minimum liquidity requirements and ease restrictions on the use of funds as new theaters open.

“The additional liquidity announced today provides the group with significant operational flexibility now that movie theaters have opened around the world,” said CEO Muki Gradinger.

Cineworld, which suffered its first-ever drop in March due to a pandemic of movie theater closings and delays in movie releases, said the business has improved since the opening of theaters in April and is well positioned to capitalize on deferred consumer spending. demand.

The owner of Regal Cinemas said he monitors the potential impact of the new variants of the virus, but is confident in its prospects thanks to “an unprecedented list of films,” including the new James Bond film No Time to Die and Tom Cruise starring Above. Gun: Maverick ”is scheduled for the second half of the year.

Reporting by Chris Peters in Bangalore; Editing by Vinaya Dvivedi and Ramakrishnan M.

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