Movie theater chains have been reeling domestically since March, when states began to force the closure of nonessential indoor businesses in an effort to curb the spread of coronavirus. AMC's stock plunge comes after rival Cineworld, the world's second-largest theater chain, said in a regulatory filing on Monday it plans to suspend operations at its U.S. and U.K. theaters starting Thursday due to the Covid-19 pandemic–a move that endangers the jobs of 45,000 Cineworld employees. © Copyright 2018 - UK Investor Magazine -, This site uses cookies to help improve your experience, help deliver relevant adverts and track use, please read our policy in more detail, RBC WM Managing Director tells us how we can teach children money management, Premier Oil announces Chrysaor deal, shares rise, Airline shares: Rolls-Royce, easyJet & IAG see rise, Times are good for Watches of Switzerland as shares rally 22%, FP WHEB Sustainable Impact Fund: impact investors gear up for the post-Brexit world, BHP to acquire 28% stake in Shenzi oil field for $505mn. A Conservative government has “a sacred responsibility” to balance the books for the next generation, which means getting government borrowing and debt under control. To compare, the broader hospitality and leisure space, as measured by the S&P 500 Hotels, Restaurants & Leisure Index, is down just 10% for the year despite similarly massive headwinds for hotels and restaurants. 2014. Comments are subject to our community guidelines, which can be viewed, All 127 cineworld screens in the UK will temporarily close from Thursday October 8, 2020, considering temporarily shutting its UK and US branches, cinemas being allowed to reopen from July 4, Independent Press Standards Organisation (IPSO). In 2004, Cineworld was acquired by Blackstone private equity group for £120million. A link has been emailed to you - check your inbox. With more than 500 sites across the US, it could prove a lucrative opportunity for a studio looking to offset the near-paralysis of the film industry during the coronavirus pandemic. Cineworld, which also owns Picturehouse cinemas in the UK, first confirmed it was considering temporarily shutting its UK and US branches in an update on Sunday October 4, 2020. In 2004, Cineworld was acquired by Blackstone private equity group for £120million. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. It’s not the first time Sunak has made such points, but put yourself in the shoes of a small business pondering whether to retain or shed employees. Friday's plunge lands AMC stock, trading at around $4.13 per share, closer to Wall Street's one-year price target of $4.14, according to analysts polled by Yahoo! Le premier théâtre Cineworld ouvert à Stevenage, Hertfordshire en Juillet 1996.Un deuxième théâtre ouvert à Wakefield, West Yorkshire, en Décembre 1996 et le troisième ouvert à Shrewsbury, Shropshire, en 1998.En 2004, Cineworld a été acquis par le groupe de private equity Blackstone pour £ 120m. For further details of our complaints policy and to make a complaint please click here. Available Anywhere - Virtual Event, Get limited access to our industry news, analysis and data, plus regular email updates. The buyout firm has already cancelled two previous public offerings because of adverse market conditions. A verification email is on its way to you. Cineworld a été fondé par Steve Wiener en 1995. Is Weir Group, the 150-year-old Glasgow engineering firm, the FTSE 100 index’s next technology company? 2007. 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Cineworld's U.K.-listed shares crashed 36% on Monday after the announcement, and they're down 88.5% this year alone; as of early Monday afternoon, shares of Leawood, Kansas-based competitor AMC Entertainment–America's largest movie theater chain–are down 45% in 2020. The following year, Cineworld acquired the UK and Ireland operations of French cinema company UGC. Servicing that end-market looks a safer bet that relying on volatile US shale companies to buy your pumps. Phil Clapp said: "Although cinemas opened in July and have been able to deliver a safe and enjoyable experience, without major new titles then we understand we aren't able to get as many people out of the home as we'd like.". The corporate prize for surviving somehow is, potentially, a bumper 2021 as the pent-up supply of potential blockbusters is released. With Bond films, you know the ending at the outset. Comments are subject to our community guidelines, which can be viewed, All 127 cineworld screens in the UK will temporarily close from Thursday October 8, 2020, Independent Press Standards Organisation (IPSO). It is hoped that the Cineworld cinemas will be able to reopen in 2021, with staff being asked to accept redundancy in the hope of rejoining the company when theatres open again. 14-16 October One aim, one assumes, is to show landlords it really can’t afford to pay rent. To see all content on The Sun, please use the Site Map. Said Cineworld in its Monday announcement: "As major US. The firm said in the earnings report that it raised $500 million in debt and restructured $2.6 billion of existing debt in order to strengthen its liquidity position. To see all content on The Sun, please use the Site Map. Don't have an account? An earlier version incorrectly described Andrew Cuomo as the mayor of New York. “All liquidity raising options are being considered,” said the company on Monday, but none look attractive or easy. British cinema chain Cineworld (LON:CINE) has seen its share price soar more than 30% on Tuesday after a landmark US court decision to lift the Paramount Decree – a sweeping anti-trust law which banned private Hollywood studios from being able to own theatres. The chain’s shares plummeted to a record low of 21.38p in March,  and overall shares are still down more than 77% over the past 6 months. A person wears a protective face outside a New York City AMC movie theater. • This article was amended on 6 October 2020. Cineworld said in a statement that it would update all staff and customers. CINEWORLD will temporarily close all 127 of its UK cinemas after warning coronavirus has made the industry "unviable". Cineworld, one of the world’s biggest movie theatre chains that has been badly hit by coronavirus restrictions, has warned that it may need to raise more money if … The following year, Cineworld acquired the UK and Ireland operations of French cinema company UGC. Not the case? 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. By subscribing to The UK Investor Magazine you agree to our Terms and Conditions, Privacy Policy and understand our Disclaimer & Disclosure statement. © 2020 Guardian News & Media Limited or its affiliated companies. Boris unveils new 5% deposit mortgage scheme to help 1st time buyers, Grandparents can get £2,300 in state pension for looking after grandchildren, State pension age rises to 66 from today - 7 ways to boost your retirement pot, Thousands on Universal Credit to get up to £405 disability top-up from this week, Choc fans are loving Aldi’s chocolate snowman that melts into hot chocolate, ©News Group Newspapers Limited in England No. Running time: 100 minutes . In 2004, Cineworld was acquired by Blackstone private equity group for £120m. Cineworld has warned that a second lockdown could put its future at risk as it unveiled losses of $1.6billion (£1.3billion) for the first half of the year. Last month’s $250m private placement came at a nose-bleed interest rate of 11%. The blow to AMC shares is particularly concerning in light of a Friday note from S&P Global Ratings, in which the agency, according to CNBC, lowered its credit rating for AMC and said the firm could be burning cash at a rate that makes it illiquid in the next six months unless it raises additional capital or movie attendance substantially improves–perhaps even more unlikely now given Regal's announced closures. The dissolution of the Paramount Decree opens the door for Cineworld to be bought up by a privately-owned Hollywood studio. 45,000 Jobs At Risk As Regal Owner Cineworld Closes All U.S. And U.K. Cinemas (Forbes), I'm a reporter at Forbes focusing on markets and finance. Rather, this was a speech in which the main interest was tone and emphasis. Any conventional equity-raise would require the participation of the chief executive Mooky Greidinger and his trust, which owns 20%; their appetite and ability is unknown. In 2004, Cineworld was acquired by Blackstone private equity group for £120million. Junior Journalist at the UK Investor Magazine. It is hoped that the Cineworld cinemas will be able to reopen in 2021, with staff being asked to accept redundancy in the hope of rejoining the company when theatres open again. Watch Equity movie trailer and book Equity tickets online. The head of the UK Cinema Association said he feared the Cineworld closure was "indicative of challenges faced by the entire UK cinema industry at the moment". Sunak should tweak his tone. Still reckoning with government-mandated theater closures amid the coronavirus pandemic, shares of movie theater chains crashed Monday after United Kingdom-based Cineworld said it's suspending operations at all of its nearly 700 locations in the U.S. and U.K. following news that a number of high-profile films won't be released until 2021. Is another round of warnings about hard months ahead really what you want to hear at this point? Even before the Bond news, the company was set to breach banking covenants at the end of this year. The head of the UK Cinema Association said he feared the Cineworld closure was "indicative of challenges faced by the entire UK cinema industry at the moment".

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