Cineworld plans to file its reorganization plan by Oct. 31, an attorney for the giant chain said today at a hearing. It also won’t be forced to state its case in a Canadian appeals court next month for reneging on a merger agreement with Cineplex. Judge Marvin Isgur of the Southern District of Texas, who
Cineworld
Shares of Cineworld rose Friday after a U.S. Bankruptcy Court judge granted Regal Cinemas’ parent Cineworld immediate access to up to approximately $785 million of a financing facility, providing sufficient liquidity for the giant theater chain to meet ongoing obligations, including to vendors, suppliers and employee salaries and benefits. The shares, traded on the London
Widespread optimism months ago that domestic box office might readily return to pre-Covid levels has given way to a new sense of pragmatism about the movie business. This year’s tally will far surpass last year’s $4.5 billion haul, but it will certainly fall billions short of 2019’s $11.4 billion in receipts, and all bets are
“I do think the studies will get paid, like they usually do, whatever they are owed. Because we are the suppliers and that’s usually what happens,” Lionsgate vice chair Michael Burns said Wednesday of the Chapter 11 filing earlier in the day by Regal Cinemas’ parent Cineworld. “Those things seem to go through the same
The shoe finally fell today as giant theater chain Cineworld filed for Chapter 11. The bankruptcy includes a $1.94 billion debtor-in-possession financing facility from existing lenders to keep things running. Cineworld expects to emerge from Chapter 11 in the first quarter of 2023 and meanwhile will pursue “a real estate optimisation strategy in the US,”
Cineworld, staggering under heavy debt and facing a dip in box office revenue this quarter, asserted Friday that it’s business as usual for the giant movie chain while it explores options. The statement follows a report today that the U.K parent of Regal Cinemas is preparing to file for bankruptcy. Cineworld presaged a potential Chapter 11
In response to recent speculation, Cineworld has provided an update to its August 17 announcement regarding an evaluation of strategic options to both obtain additional liquidity and potentially restructure its balance sheet through a comprehensive deleveraging transaction. Reiterating that Cineworld’s theaters, including the Regal chain in the U.S., are “open for business as usual and
UPDATED with closing prices: AMC Entertainment’s new APE securities — AMC Preferred Equity Units – began trading today late morning in a messy session for the big exhibitor, whose primary stock plummeted, closing down 41%. at $10.46. It was up slightly in after-market trading. APE units were being distributed to AMC shareholders via their brokers
Cineworld and its CEO, Mooky Greidinger, have been found guilty by an Israeli court of infringing merger conditions dating back to 2010 over the supply of films to a movie theater in Tel Aviv. A suit brought by the local competition authority argued that Cineworld’s local distributor, Forum Film, did not provide eight movies over
EXCLUSIVE: Mooky Greidinger, CEO of Cineworld, the world’s second-biggest exhibition circuit and owner of Regal Cinemas, says he’s satisfied with this past weekend’s $80M domestic theatrical box office opening for Disney/Marvel’s Black Widow. But he also tells Deadline he remains “convinced” that with an exclusive theatrical window, “we could have brought in maybe $110M, maybe
There’s excitement in the air — and a whole lot of movies lined up — across the UK and France as cinemas are set to reopen in both markets this week after roughly seven months of darkened screens. Below we take a look at how the situation is shaping up in these majors. In the
EXCLUSIVE: Cineworld has concluded a deal with Disney to show the studio’s movies at its Regal chain in the U.S. and its cinemas in the UK, Deadline has learned. This now means the world’s No. 2 exhibitor has new agreements in place with three of the major studios: Disney, Warner Bros and Universal, the latter
Cineworld CEO Mooky Greidinger said today that the No. 2 global exhibitor is “actively negotiating terms and structures of evolving theatrical windows with our studio partners.” He made the comment on an earnings call after Cineworld reported 2020 results which included its first-ever annual operating loss ($2.26B) as the industry has been greatly impacted by
Cineworld Group today reported its first-ever annual operating loss with the figure dropping over $2.98B in 2020 as compared to 2019. The previous year had seen profits of $724.7M while the period ended December 31, 2020 was at a negative $2,257.7M. The results were severely impacted by the Covid pandemic which forced the group to
Cineworld and Warner Bros have hatched a multi-year agreement that will see the No. 2 global exhibitor show the studio’s 2021 theatrical and HBO Max day-and-date titles in the U.S. as of their theatrical release. Then, beginning in 2022, Warner Bros theatrical releases will have a 45-day window of theatrical exclusivity at Cineworld’s Regal chain
Movie theater stocks were mixed Friday as the industry absorbed shock waves from Warner Bros.’ window-smashing announcement the day before when the cinema group collectively plunged by double digits. The smaller, publicly-traded U.S. chains have lower debt and are in better financial shape. Third- and fourth-ranked circuits Cinemark and Marcus both rose by more than
In 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. This includes a new debt facility of $450M, while further
Cineworld, the world’s second largest cinema chain, is looking into a Company Voluntary Arrangement (CVA) in the UK, which would allow it to restructure and renegotiate a mounting debt pile caused by unpaid rents due to ongoing closures. Deadline can confirm that a potential CVA, first reported by the Financial Times, is one option being
EXCLUSIVE: For all the headlines today that everything is coming up roses with exhibition after Pfizer’s good news about a COVID-19 vaccine, Regal Cinemas, will shutter the 18 locations the chain left open in New York and California, effective Thursday. Those sites will stay closed now with the rest of the U.S. chain until further
Two weeks after Cineworld announced the closing of its U.S. 536 Regal Cinemas chain, the circuit is reopening 11 locations in New York this Friday, Oct. 23 following Governor Andrew Cuomo’s recent approval to reopen movie theaters in the Empire State. The 11 Regal sites join the chain’s seven California multiplexes which continue to stay
Alongside Czech Republic and parts of Romania, Slovakia is now among the latest Central European countries to order the re-shuttering of its cinemas amid an escalation of COVID-19 cases, Deadline has confirmed. Movie theaters in Slovakia will close from this Thursday (October 15) after originally closing on March 9 and reopening May 20. A state
With Cineworld and Picturehouse cinemas temporarily closed in the UK from this past Friday, Cineworld Group CEO Mooky Greidinger has written to UK Prime Minister Boris Johnson asking the government to reinstate the furlough program that benefited employees under the exhibition giant’s previous COVID-imposed closure, while also suggesting other measures to aid the industry. In
Cinemark, the No. 3 theatrical exhibitor in the U.S, confirmed Monday that it is currently planning to stay open during the pandemic. The news comes in the wake of Cineworld’s plans to close its Regal movie theaters nationwide on Thursday until further notice, in large part due to New York continuing to be shuttered and
Thanks, but no thanks, San Francisco Mayor London Breed. While San Francisco County gave the go-ahead for movie theaters to reopen today, members of the National Association of Theatre Owners of California/Nevada have unanimously agreed to remain closed in the City by the Bay. Why? San Francisco current ban on movie concessions “makes it economically
In the wake of Cineworld’s decision to shutter its UK venues and Regal U.S. theaters, AMC, the No. 1 exhibitor in the world, will remain open. AMC joins No. 3 exhibitor Cinemark in staying open during the pandemic, despite Cineworld and Regal’s plans to close this Thursday. More than 80% of AMC’s U.S. circuit is
EXCLUSIVE: Vue International CEO and founder Tim Richards wants to avoid “the nuclear option” of temporarily closing his cinemas in the UK and other overseas markets amid recent shifts to the landscape. However, in the wake of the news that MGM’s No Time To Die was pulling out of November and heading to April 2021,
The town is still shell-shocked by yesterday’s news about Cineworld’s pending indefinite shutdown of its UK theaters this coming week. What we’re hearing now looks to be an expected partial shutdown of the U.S. No. 2 chain Regal. Cineworld tweeted out this morning the following statement, “We can confirm we are considering the temporary closure
In response to MGM’s No Time to Die moving out of the Thanksgiving corridor to Easter weekend 2021, Cineworld, owner of U.S. Regal chain, is closing down 128 of its UK and Ireland cinemas as of next week. The Sunday Times in the UK teased the front page of their edition tonight, which had the news
AMC Entertainment has filed to sell 15 million shares of common stock to raise fresh cash, the second exhibition distress call today after Regal parent Cineworld of the U.K. posted a brutal results for first six months of the year. Regal is the largest circuit in the U.S., AMC the second. Exhibitors shut down in
EXCLUSIVE: After being closed for over five months, Cineworld reopened about 200 of its Regal Cinemas in the U.S. this past weekend. Health and safety measures — which required an investment in the millions across the parent company’s full estate — were in place, and the response from audiences was “encouraging,” says Cineworld Group CEO