Regal Owner Cineworld Group Secures Lifeline With $450 Million Debt Facility

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A metaphorical bomb was dropped yesterday in the world of the film industry. Though the bomb was not a real explosive, there has already been significant real-world damage to theater chains such as AMC Theatres, Regal Cinemas, and more, as WarnerMedia announced plans to release its entire 2021 Warner Bros.

Regal owner Cineworld Group has reacted to Warner Bros.’ move to shift its entire 2021 slate of films for a simulataneous release on HBO Max and in U.S. theaters by looking beyond the pandemic to an eventual agreement with the Hollywood studios on windowing.

Naman Ramachandran Regal Cinemas owner Cineworld Group is hoping for an agreement on release windows after Warner Bros.’ shock announcement on Thursday that their entire 2021 slate would release simultaneously in cinemas and on HBO Max day and date. In a statement released Friday, a Cineworld spokesperson said: “Cineworld was aware of WB’s plan to release ‘Wonder Woman’ directly to its streaming service, which has been announced at a time when our cinemas remain closed in the U.S.

Cineworld Group, owner of Regal Cinemas in the U.S. and the world’s second largest exhibitor, has reacted to Warner Bros’ bombshell Thursday announcement that its entire 2021 film slate will debut on HBO Max day-and-date with cinemas domestically. In a statement, Cineworld said the company believes that when cinemas make a comeback, Warners “will look to reach an agreement about the proper window and terms that will work for both sides.” I understand Cineworld and WB are not yet in discussions.

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Cineworld Group, the world's second-largest cinema exhibitor and owner of the Regal theater chain in the U.S., on Monday said it has secured a new $450 million debt facility and was implementing operational measure to give it $750 million in extra liquidity to keep the business afloat amid the COVID-19 pandemic.

Regal Cinemas, in the US at least, is closed down completely, right now. That’s hundreds of locations around the country with their doors locked and no movies playing on its various massive screens.

from December 2020 to May 2024 will keep $111 million with the company for now.Also Read: Movie Theaters Face a Winter of Bankruptcy as More Films Push to 2021Cineworld expects an early tax refund of $200 million.“In light of the severe financial challenges facing the Group arising from the significant disruption to the entire industry, the Board is confident this additional liquidity will preserve and maximise shareholder value over the long term,” Alicja Kornasiewicz, chair of Cineworld Group

Nancy Tartaglione International Box Office Editor/Senior ContributorIn a major sign of confidence in the future of theatrical moviegoing, Cineworld Group, the world’s second largest exhibitor and owner of Regal in the U.S., has secured significant additional liquidity that will help ensure its future despite ongoing challenges created by the COVID-19 pandemic.

Cineworld, the world's second largest exhibitor after AMC and the owner of Regal Cinemas in the U.S., is considering a major insolvency process used to cut costs in the U.K. aimed at helping see it through to its reopening and the return of major new releases in 2021.

Naman Ramachandran The Cineworld Group, the second largest cinema chain in the world, which also operates the Regal cinemas in the U.S., is exploring an insolvency process in the U.K. that will cut costs, but could shutter some British sites permanently.Known as a “company voluntary arrangement” (CVA), Cineworld is currently discussing the process with lenders, according to the Financial Times.