The Isle of Wight’s Cineworld is aiming to reopen in July, the company has confirmed.
Among the first films set to be released include could include Christopher Nolan’s action-thriller Tenet, and Disney’s remake of Mulan.
The cinema chain says it has also secured new funds, which it hopes will provide financial support in the event that any reopening is pushed back.
In a statement to investors, seen by Isle of Wight Radio, Cineworld says reopening in July depends on Government restrictions being lifted.
A statement reads:
“Cineworld currently anticipates that government restrictions related to cinemas will be lifted in each of its territories by July. Subject to this and confirmation of the schedule for film releases, Cineworld anticipates the reopening of all of its cinemas in July. Cineworld has put in place procedures to ensure a safe and enjoyable cinema experience for its employees and customers.
“Cineworld is excited by the great movie line up to follow the reopening of cinemas, starting with the highly anticipated new Chris Nolan movie Tenet and immediately after that with Mulan, a new Disney adventure movie.
“Cineworld, as always, greatly believes in the theatrical experience and is fully committed to be the best place to watch a movie.”
The news comes after a number of staff at the Newport branch were said to have been offered voluntary redundancy back in March.
However, following the announcement of the Government’s furlough scheme, the company appeared to back track on plans.
A statement added:
“Cineworld is pleased to announce that its lenders have agreed to waive the leverage covenant 1 in respect of its credit facility for the June 2020 testing date and has increased its leverage covenant 1 to 9.0x Net Debt to EBITDA for the December 2020 testing date.
“The Group has also agreed the terms of $110m of additional liquidity through an increase in its revolving credit facility. In addition, the Company has secured credit committee approval to apply for an additional $45m through the CLBILS loan scheme in the UK and expects shortly to commence a process to access $25m through the US government CARES Act.
“Cineworld expects that this additional liquidity, to the extent required, will provide it with sufficient headroom to support the Group even in the unlikely event cinemas remain closed until the end of the year.”
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