World’s second largest cinema chain Cineworld Group Plc. (LON: CINE) has secured commitments of up to $213 million in a new convertible bond deal. The company is seeking to use this cash to lift itself from the plunge inflicted to it by the pandemic.
Without a doubt, the theatre industry is among the worst hit by the pandemic due to closure of such amenities to curtail spread of the virus.
This resulted to the London based company recording its first ever annual loss as a listed company last year.
Cineworld is not yet sure when it will open its doors yet again to the public because of the new UK variant of the virus which has resulted to a revert to lockdown measures across Europe.