Cineworld secures $750m funding lifeline amid Covid-19 closures November 23, 2020 Cineworld has secured $750m (£561m) in additional cash to help bolster its balance sheet amid coronavirus closures. The FTSE 100 group, which is the world’s second largest cinema chain, said it has agreed a new $450m debt facility and a waiver on all banks covenants on its debt until June 2022. Other measures include an [...]
Cineworld reportedly mulling CVA to get through to the spring November 19, 2020 Cineworld is reportedly mulling entering a “company voluntary arrangement” (CVA) in a bid to keep the struggling cinema chain alive through to the spring. As a result of new restrictions imposed by the pandemic and decisions by Hollywood execs to delay a number of blockbusters, the company has shut all 657 of its cinemas in [...]
Cineworld shares soar on Moderna coronavirus vaccine breakthrough November 16, 2020 Cineworld’s share price soared this morning following a second coronavirus vaccine breakthrough on hopes that an end to the pandemic could save the struggling entertainment firm. The cinema chain’s stock rose as much as 21 per cent after US biotechnology company Moderna announced that early data suggested that its Covid-19 vaccine is 94.5 per cent [...]
Shakespeare: Cineworld – and cinemas in general – take a reputational hit after closures October 14, 2020 At the start of October Cineworld, the world’s second biggest cinema operator, confirmed it will temporarily close all of its UK and US cinemas having struggled to draw in visitors without a stream of new films. Since Cineworld announced closures, Vue confirmed at the weekend that their screens will shut three days a week while [...]
Cineworld could be out of money ‘in weeks’ October 13, 2020 Cineworld could run out of money within weeks, analysts at the Bank of America have warned, with the chain needing to find $500m (£380m) if it is to survive the winter. Last week the chain announced that it would temporarily close all of its screens in the UK and US due to the coronavirus pandemic, [...]
Lardlord AEW presses on with Cineworld legal action despite closures October 8, 2020 Property firm AEW UK is reportedly going ahead with its legal action against beleaguered cinema chain Cineworld over unpaid rents, despite the closure of all of the firm’s theatres in the UK. AEW is suing Cineworld for around £200,000 of unpaid rent. The cinema operator has closed all of its UK and US cinemas after [...]
Licence to kill: Will the Bond debacle be fatal for the UK’s cinema sector? October 6, 2020 It was a plot twist that would have made Ian Fleming proud. For decades James Bond has been a leading light of cinema, delivering a reliable string of blockbuster hits to line pockets in Hollywood. But overnight the suave spy has been transformed into a villain, and has left cinemas fighting for survival. The decision [...]
Cineworld to close all UK theatres over Covid-19 film release delays October 4, 2020 Cineworld is reportedly drawing up plans to shutter its entire collection of cinemas across the UK and Ireland
Cineworld warns on future as it sinks to $1.6bn loss September 24, 2020 Cineworld shares sunk 15 per cent at the open today after warned it may need to raise cash after the cinema chain sunk to a first-half loss of $1.6bn due to the coronavirus outbreak. The figures Cineworld posted revenue of $712.4m in the six months to the end of June, down 67 per cent on [...]
Coronavirus: Cineworld in legal battle over unpaid lockdown rent August 17, 2020 Cineworld is said to be facing a legal challenge from one of its landlords after the cinema chain failed to pay rent during the coronavirus lockdown. The London-listed cinema group is understood to be withholding rent from property giant AEW after it was hit by closures due to the Covid-19 crisis. AEW has now filed [...]