NgospelMedia.Net
NgospelMedia.net is The No. 1 International Largest Repository of Your Favourite Gospel Entertainment Website, WorldWide, Nigeria. We Published Latest Naija Gospel Music Downloads, Videos; Lyrics, Artiste Biography, Daily Devotionals. NgospelMedia is mainly a Christian Website, as the Domain Name Speaks; Gospel; Which is also tagged as a Gospel On-line Ministry for Souls Winning...

Regal movie theater owner Cineworld expects to reopen in July

0

- Advertisement -









Cineworld, the owner of Regal cinemas in the US, expects to reopen its doors for business in July.

The movie-theater giant said late Wednesday it anticipates that government restrictions related to cinemas will be lifted in each of its territories in the coming months and “anticipates the reopening of all of its cinemas in July.”

The London-based company — which like rival cinemas, has remained closed since coronavirus lockdowns hit the nation in mid-March when it dimmed all 787 screens in 10 countries — added in a statement that it “has put in place procedures to ensure a safe and enjoyable cinema experience for its employees and customers.”

The theater expects to open its doors with the new Chris Nolan movie “Tenet” and with “Mulan.”

Despite Cineworld’s rosy outlook, the company is still dealing with the economic fallout of the pandemic. Like AMC and other theaters, it has struggled financially, cutting and furloughing jobs and slashing costs. In March, Cineworld signaled that if it couldn’t renegotiate new terms with lenders, it may breach its debt covenants.

Read More:  Start shopping for Buhari’s replacement, he has failed woefully – Bamgbose tells Nigerians


Blockbusters like Vin Diesel’s “Fast & Furious 9,” the new James Bond flick “No Time to Die” and Disney’s Mulan” have delayed their box office debuts as a result.

In order to make it through the end of the year, the London-based chain Cineworld said Thursday that that it received a waiver from its lenders on a debt covenant during the pandemic, and it also raised $110 million of additional liquidity. The covenant, which was due next month, is now due in December.

The company said it also

got approval to apply for an additional $45 million through a UK loan, and it expects to receive $25 million through the Cares Act.

“Cineworld expects that this additional liquidity, to the extent required, will provide it with sufficient headroom to support the group even in the unlikely event cinemas remain closed until the end of the year,” the company said.

- Advertisement -

Subscribe to our newsletter
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
You can unsubscribe at any time

- Advertisement -

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More