Home » Lifestyle » Regal Cinemas' owner Cineworld secures lifeline to stay afloat during pandemic
Regal Cinemas' owner Cineworld secures lifeline to stay afloat during pandemic
NYC theater owner on Cuomo’s limited reopening plan: People want to come back
New York City movie theater owner Gregg Scarola says people want to come back to movie theaters, but need good content.
The movie theater industry continues to try and fight the financial impact of the coronavirus pandemic, with Cineworld the latest chain of exhibitors to seek and secure more cash to stay afloat.
Continue Reading Below
Cineworld is the world's second-largest theater exhibitor and the owner of the popular Regal Cinemas in the United States. Due to the pandemic causing studios to delay the release dates of new films audiences have been being skittish about attending theaters and almost all of Regal's locations were closed earlier this year.
In an announcement shared with Fox Business, the company revealed Monday that it has secured a $450 million debt facility and is strategizing to implement $750 million of extra liquidity to support the business in the long term.
The release also notes that there are plans to waive bank covenant waivers until June 2022, extend the maturity of the $111 million incremental revolving credit facility from Dec. 2020 until May 2024 and to accelerated tax year closure to bring an expected $200 million tax refund in early 2021.