Apr 7, 2020

Cineworld chiefs defer pay as coronavirus closes cinemas

Cineworld, the world's second-largest cinema chain, has cut its dividend and executive pay and is in talks with lenders over its liquidity requirements as it copes with the coronavirus lockdown. Cinemas were among the first to feel the pain of the coronavirus outbreak as governments began curtailing large gatherings from as early as February to curb the virus's spread. Cineworld shares are down almost 75 per cent this year and last month it warned that the impact of coronavirus could leave it unable to pay its debts and remain in business. "If coronavirus didn't exist, it's a great deal and a sensible price but coronavirus has changed everything," said Nigel Parsons, an analyst at Canaccord Genuity. How is coronavirus taking its toll on markets, business, and our everyday lives and workplaces? Stay briefed with our coronavirus newsletter. Cineworld can call off the deal if Cineplex's debt breaches a C$725m threshold.

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