Cineworld raises more cash as pandemic drives annual losses of $3bn
Written by Hit Music Radio News 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.
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As a result, Cineworld said it had secured commitments for a new $213m (£156m) convertible bond as a safeguard.
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