Sep 24, 2020
City Bulletin: Cineworld’s horror show of a year continues
Group revenue more than halved to $712m for the six months to the end of June, down from $2.2bn for the same period last year. The group, which in June abandoned a deal to buy rival operator Cineplex, said it remains in talks with creditors about securing a waiver on loans due in December and next June.Briefly. The group said it would focus investment on improving digital sales and improving its showrooms. Willie Walsh has taken a new job at a Dublin-based travel technology group just weeks after leaving British Airways' owner International Airlines Group. Private equity groups have been able to insert so-called portability language into loan documentation in recent deals, which would mean the debt transfers with the company to its new owner.
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