Giant U.K. exhibitor Cineworld said it will open theaters in July when it currently anticipates restrictions on cinemas will be lifted in each of its territories, and that it antcipates a cash infu…
said it will open theaters in July when it currently anticipates restrictions on cinemas will be lifted in each of its territories, and that it antcipates a cash infusion from government COVID-19 relief programs in the U.K. and U.S. along with new loans.
“Subject to this [restrictions being lifted] and confirmation of the schedule for film releases, Cineworld anticipates the reopening of all of its cinemas in July. Cineworld has put in place procedures to ensure a safe and enjoyable cinema experience for its employees and customers,” the parent of U.S. chain Regal said Thursday.
“Cineworld, as always, greatly believes in the theatrical experience and is fully committed to be the best place to watch a movie,” it added. Controversy over shifts in studio windowing patterns during the pandemic and what will come after exploded with Universal’sreleased directly to consumers’ homes through video-on-demand — and continues to simmer.
Separately, cash-strapped Cineworld whose theaters have been shuttered since March, announced some financial relief in the form of a deal with lenders and a liquidity injection. The chain said lenders have agreed to waive the leverage covenant for its credit facility for a June test date and given it added flexibility going foward for December.
The group has also agreed the terms of $110 million of additional liquidity through an increase in its revolving credit facility; secured credit committee approval to apply for an additional $45 million through the CLBILS loan scheme in the U.K.; and expects shortly to commence a process to access $25 million through the U.S.
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