Cinema chain Vue is close to securing roughly £100M ($130M) in debt financing to help counteract the challenges wrought by coronavirus.
Sources confirm to us that there are advanced talks to secure the funding, a move first reported by Sky. The company refinanced its debt last year, with none of its borrowings repayable until 2025.
Canadian firm Vue is the UK’s third largest chain and has sites in Europe and Asia. Vue and other networks have been re-opening venues in recent weeks as the sector looks to breathe life back into a business which has been pummeled by the lockdown.
Hopes are high among exhibitors that Warner Bros’ Tenet, which rolls out internationally this month, can be the catalyst for an upturn in box office and for it to pave the way for other blockbusters.
The UK today announced that indoor theater and music performances with socially distanced audiences will be permitted from tomorrow. However, many theaters do not see this as a financially viable option and aren’t expected to re-open for some months at least.
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