Cineworld, Parent company of Regal Cinemas, which closed its cinemas in the U.S. and the U.K., has secured more than $750 million of new financing that it hopes will see it through the coronavirus pandemic.
The company says its finances will be bolstered over over the coming months largely from a new debt facility as well as an extension of an existing credit facility.
Cineworld closed around 660 cinemas in the U.S. and Britain last month due to a lack of blockbusters as producers postpone releases because of the pandemic, including the latest James Bond film, “No Time to Die.”
The group’s best case scenario assumes a reopening of cinemas no later than May.