Sep 24, 2020

Cineworld warns worsening of Covid crisis would cast doubt on its survival

Cineworld has warned that a worsening of the coronavirus crisis would cast doubt over its ability to stay afloat after reporting a $1.6bn loss for the first six months of the year. Cineworld shares fell more than 14 per cent after the update on Thursday morning. Cineworld had a total of $3.6bn in loans at the end of June as well as a $573m revolving credit facility. Cineworld sunk to a $1.6bn pre-tax loss, from a $139.7m profit during the same period last year. Of its 778 cinemas, Cineworld said that 561 had reopened following periods of enforced closures due to coronavirus.

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