COVID-19: Cineworld to reopen in May in time for hit releases as lockdown eases | Ents & Arts News

 COVID-19: Cineworld to reopen in May in time for hit releases as lockdown eases |  Ents & Arts News

Cineworld has confirmed its intention to reopen cinema screens in the UK in May, in line with current government guidance.

The company will reopen its Regal theaters in the United States from April.

This means theaters will open in time to screen big budget movies, including Godzilla vs Kong after extended shutdowns during the COVID-19[feminine[feminine crisis.

COVID updates live from UK and around the world

New James Bond film No Time to Die is one of those delayed by the pandemic

A multi-year deal with Warner Bros has also been made, which means that for an exclusive 31-day period, it can show studio movies before they’re available on streaming services.

The deal will also give it an extended 45-day window for films that open at an agreed box office threshold.

“We are very happy with the agreement with Warner Bros,” said general manager Mooky Greidinger.

“This agreement shows the studio’s commitment to the theater industry and we see this agreement as an important milestone in our 100-year relationship with Warner Bros. ”

It marks what the company hopes will be the end of a difficult year.

The four stages of lifting the lockdown in England

In October he closed 127 Cineworld and Picturehouse cinemas in the UK and 536 Regal locations in the US, putting thousands of jobs on hold.

It was given a lifeline the following month after securing $ 750million (£ 552million) in funding to get through the crisis.

The group’s shares – which have lost three-quarters of their value since the start of 2020 – have jumped 20% with the news at the time, convinced they would be able to cash in on a slew of delayed blockbusters. in 2021.

A poster for the new James Bond film 'No Time to Die' is seen outside a Cineworld cinema in the wake of the coronavirus disease (COVID-19) outbreak near Manchester, Grande -Brittany, October 4, 2020
Cineworld is one of the largest cinema operators in the world

The packages include $ 450million (£ 331million) in new loans as well as the issuance of warrants that could return around 10% of the company’s shares to creditors.

Cineworld also secured debt cancellations through 2022, the extension of a $ 111million (£ 82million) line of credit through 2024, and the prepayment of a tax cut of $ 200million (£ 147million).


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