By Nancy Tartaglione International Box Office Editor/Senior Contributor Regal Entertainment owner Cineworld Group reported solid preliminary results for the full year ended December 31, 2019 this morning in London.
But focus was primarily on the potential impact from the coronavirus on the world’s second largest exhibitor. So far it has been “minimal,” but the “uncertainty of the future” has seen an “unlikely” downside scenario that assumes cinema closures for two to three months across the entire estate.
In such an extreme, Cineworld could risk “breaching financial covenants, unless a waiver agreement is reached with the required majority of lenders within the going concern period.” Cineworld shares dropped nearly 49% in morning London
Read more on deadline.com
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