Entertainment Cineworld secures £201m funding boost ahead of July reopening

14:15  22 june  2020
14:15  22 june  2020 Source:   pressassociation.com

Cineworld plans to reopen all cinemas in July

  Cineworld plans to reopen all cinemas in July The cinema chain said it had secured an extra £90 million in funding.Bosses said that its cinemas up and down the country would open when restrictions are lifted.

Cineworld , the world’s second largest movie theater business, says it anticipates opening all of its cinemas in July , and that it has secured new funding from its lenders. Cineworld also outlined details of its new funding in the statement, which includes 0 million of additional liquidity through

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a sign on the side of a brick building: Cineworld cinemas are set to reopen next month (Mike Egerton/PA) © Mike Egerton Cineworld cinemas are set to reopen next month (Mike Egerton/PA)

Cineworld has secured 250 million US dollars (£201 million) in extra funding from private investors as it gears up to reopen its cinemas next month.

The UK-based chain told investors on Monday that it has agreed terms on the new debt facility, which will mature in 2023.

It said the deal with unnamed institutional investors “further strengthens the group’s balance sheet as cinemas begin to reopen around the world”.

The move comes a month after the group secured an extra £90 million in funding after extending a revolving credit facility.

Poll: Are you ready to return to the cinema in July?

  Poll: Are you ready to return to the cinema in July? When No Time To Die, the new James Bond film, announced a seven month delay at the start of March just weeks before it was due to hit cinemas, it seemed a bold move. But now, several months into a global lockdown, it seems an incredibly prescient one. At that stage of the coronavirus pandemic, it wasn’t clear just how profoundly the world would be affected by the outbreak. Cinemas have been closed around the world since mid-March (UK cinemas closed from Wednesday, 18 March), the global box office has dropped to basically zero, and nearly every major summer movie release including Marvel’s Black Widow, Fast and Furious 9, and many more has been pushed back, some to 2021.

CINEWORLD GROUP PLC CINE - Search stock, chart, recent trades, company information, trading information, company news, fundamentals.

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Cineworld announced in May that it plans to reopen all its UK cinemas in July, with Christopher Nolan’s new film Tenet expected to be one of its first releases.

The company said: “With the easing of lockdown restrictions in key jurisdictions, Cineworld is excited to welcome customers back to cinemas and enjoy the best place to watch a movie.”

The new funding announcement also comes amid the threat of a costly legal battle after pulling out of a £1.6 billion takeover of Canadian chain Cineplex.

Earlier in June, Cineworld said it was terminating the deal after “certain breaches” of the acquisition deal.

The takeover would have created North America’s largest chain of movie theatres to better compete with Odeon owner AMC Entertainment.

On Friday, Cineworld is set to file its latest set of quarterly results and reveal the full impact of months of theatre closures.

Last week, a report by rating agency Moody’s warned Cineworld and other chains could struggle even after reopening as Britons spend more time at home.

“Attendance will likely remain low at least for a few months due to social-distancing measures or moviegoers’ health concerns,” Moody’s vice-president and senior credit officer Gunjan Dixit said.

Cineworld Cinemas Push Back Re-Opening Date To 31 July .
As the government’s lockdown restrictions ease up, British cinemas will once again be allowed to open this weekend from 4 July. But while some film venues look set to open as early as possible, one of the major chains has in fact delayed its reopening. Cineworld had previously announced intentions to reopen its venues from 10 July, but has now pushed that back to 31 July. In a statement, the chain confirmed that it will wait three more weeks to open up again – partly owing to the change in release dates for Mulan and Tenet, both of which were also pushed back in the past few days.

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