Nov 23, 2020
Cineworld secures funding lifeline
Cineworld, the world's second largest cinema chain, has secured more than $750m of extra funding after the closure of its screens across the US and UK forced it into emergency talks with lenders. Cineworld, which already had £6.2bn of debt following its acquisition of the Regal cinema chain in 2018, added that it would be able to bring forward a $200m tax rebate in the US to early next year. Cinema owners across the industry have been rushing to secure financial lifelines after Hollywood studios postponed most of their blockbuster film releases until spring 2021. Rival chain AMC, which owns the Odeon cinema group, is still in talks with lenders after it warned in October that it could run out of cash by the end of the year. Cineworld said that it was now operating under a likely scenario that its cinemas would reopen in May 2021.
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