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Cineworld raises more cash as pandemic drives annual losses of $3bn

Written by on 25/03/2021

Cineworld has reported worse than expected annual losses of just over $3bn (£2.2bn) and revealed a new funding round to help it navigate future coronavirus-related uncertainty.

The company, which announced earlier this week screen reopening plans for its key US and UK markets, said it had cash in place to see it through this year and beyond though material uncertainty around its ability to continue as a going concern remained.

Watch Through The Storm: Inside The COVID Wards on Sky Documentaries on Thursday at 9pm and on Sky News on Friday at 9pm.

Cineworld has more than 500 Regal-branded cinemas in the United States. Pic: AP
Image: Cineworld has more than 500 Regal-branded cinemas in the United States. Pic: AP

As a result, Cineworld said it had secured commitments for a new $213m (£156m) convertible bond as a safeguard.

 Sky News

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