Cineworld Raising Fresh Liquidity as Losses for 2020 Revealed

variety.com:

Naman Ramachandran The Cineworld Group cinema exhibition group is to raise an additional $213 million of liquidity as a cushion against further coronavirus disruption.The new funding, being raised through the issue of a convertible bond due in 2025, was announced on Thursday after the company revealed EBITDA losses of $115 million.With all sites temporarily closed from March 2020, group revenue fell to $852 million from $4.3 billion in 2019.

Operating losses reached $2.2 billion, compared to a profit of $725 million in 2019, which was impacted by asset impairments of $1.3 billion.Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) showed a loss of $115.1 million, compared to the $1.5 billion profit in 2019..