Nov 19, 2020

Cineworld eyes UK cinema closures and rescue deal

Cineworld is looking to arrange a rescue deal that could mean UK cinema closures, the BBC understands. The company reported a huge loss for the first six months of the year after it was forced to temporarily close some cinemas, and movie studios delayed the release of some blockbusters. Cineworld swung to a $1.6bn loss for the six months to June as its cinemas were forced to close as a result of Covid lockdowns. Although cinemas reopened when restrictions were relaxed, delays in big budget releases - such as the new James Bond movie - led Cineworld to temporarily close its UK cinemas on 9 October until further notice. Cinemas can open in Scotland if they meet certain criteria, but Cineworld is closed throughout the UK. The chain has been in talks with lenders to try to negotiate waivers on banking agreements, which fall due in December and in June next year.

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