Cinema operator Cineworld is still in trouble. However, if James Bond is not saved in November, the takeover offer may go further.
The London-listed company, which owns Regal Cinemas in the US and chain stores in the UK, Eastern Europe and Israel, announced disappointing half-year results on Thursday. Compared with historical figures, what is not so important is the warning about the future: it has enough money to cope with the “basic situation” of the gradual recovery of the box office, but no “serious but reasonable downside situation.” Even in the basic situation, a debt-laden company will violate a key year-end bank contract and has not yet received an exemption from the lender. The stock fell 12% in early trading.
Cinemas have reopened in most places, but important exceptions for Cineworld are: New York, parts of California, and Israel. Chief Executive Mooky Greidinger hopes to obtain approval from New York Governor Andrew Cuomo “within a week or two,”
However, this is not just a reopening: a lot depends on the format of the film. Even in normal times, theaters need to fly movies to get people off the sofa. This makes postponing the opening of the studio a big problem. Disney said on Wednesday that it will postpone the release of 10 films including the Marvel movie “Black Widow” for six months. Even big movies cannot guarantee success.Christopher Nolan’s thriller “Tenet” (the most important release of the month) performed disappointingly in the US
At least MGM still seems to be committed to releasing its latest James Bond film in November, aptly named “No Time to Die.” For Cineworld and its American counterparts AMC and Cinemark, any indication that the timetable for spying with ave will also decrease.