Cineworld looks to raise debt cap after US$3 billion loss in 2020

Cineworld looks to raise debt cap after US$3 billion loss in 2020

The Edge Markets - World·2021-03-26 05:07

BENGALURU (March 25): Cineworld said on Thursday it will ask shareholders to approve a raise in its debt ceiling next month to allow it to borrow more money to shore up its shattered finances after reporting a US$3 billion loss for 2020.

The Regal owner, forced by the coronavirus lockdowns to shut most its nearly 800 theatres last October temporarily leaving 45,000 out of work, suffered a pre-tax loss of US$3.01 billion last year, its first-ever loss as a listed company, compared with a profit of US$212.3 million a year earlier.

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