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Coronavirus threatens to bankrupt US cinema chains

Coming to a theater near you: a marquee with no movie titles on it, but instead big letters that say “gone out of business.” With movie houses nationwide closed by the coronavirus, big cinema chains like AMC Entertainment and Regal Cinemas parent CineWorld are at risk of filing for bankruptcy in the coming weeks or months — desperate moves that could result in hundreds or even thousands of theaters being shuttered for good, industry experts warn. In a Wednesday note to investors, Loop Capital analyst Alan Gould wrote that he…

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Cineworld in talks with lenders and landlords

Under-pressure Cineworld on Tuesday said it is in talks with banks about getting extra overdraft facilities, as it outlined measures to preserve cash. The firm, which had a $3.5 billion (£2.8 billion) debt pile as at December 31, said its entire estate of 787 cinemas in 10 countries has been closed due to the coranavirus crisis. Cineworld said it is “discussing the group’s ongoing liquidity requirements with our RCF​ (revolving credit facility) banks”. Cineworld shares today jumped 14.37p, more than 36%, to 53.98p after it updated on measures to preserve…

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Report: impact of COVID-19 on Euro cinema industry

UNIC is collecting detailed information on the impact of the Coronavirus outbreak on the cinema industry across the 38 territories it represents (please note, report is given below without statistical tables – download full report here). 1. CLOSURE PROCESS SUMMARYThe vast majority of cinemas across Europe closed in mid-March, with the exception of Italy (with almost 50% closed from 23 February), Russia (all closed from 31 March) and Sweden (partly closed as the strict ban only applied to gatherings of 500+ and more recently 50+ people). In the territories where…

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