Movie theater operators sink as Cineworld mulls closure of U.S., UK theaters

Kinepolis NV

05/10/2020 17:18

(Updates)
    ** Shares of movie theater operators AMC Entertainment
 AMC.N  and Cinemark Holdings Inc  CNK.N  down ~11% and ~18%,
respectively
    ** UK-listed peer Cineworld  CINE.L , which operates Regal
Cinemas, says considering temporarily closing all its UK, U.S.
theaters this week, impacting nearly 45,000 jobs  urn:newsml:reuters.com:*:nL4N2GW14V
    ** CINE shares plunge as much as 60% to a record low before
closing down ~36%
    ** Belgium-listed Kinepolis Group  KIPO.BR  also falls
sharply
    ** Theater chains have expressed concerns about postponement
of major releases to next year, including the new James Bond
film "No Time To Die"  urn:newsml:reuters.com:*:nL8N2GU0RU
    ** As of Sept. 11, AMC had nearly 80% of its U.S. venues
open with limited seating capacity  urn:newsml:reuters.com:*:nL4N2FF367
    ** Two weeks ago, AMC reached a deal with bankers to sell up
to 15 mln shares to raise funds  urn:newsml:reuters.com:*:nL3N2GL337
    ** On Friday, ratings agency S&P said AMC, owner of the
Odeon chain, may run out of liquidity in six months unless it
can raise more capital
    ** YTD, AMC has fallen ~43%, CNK down ~75% and CINE down
~88%

 (Reporting by Tiyashi Datta and Ayanti Bera in Bengaluru)
 ((tiyashi.datta@thomsonreuters.com))