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#Cineworld plans to reopen all theatres by early July

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British cinema operator Cineworld Group Plc (CINE.L) said on Tuesday (16 June) that some of its theatres would reopen in the last week of June and expected all of them to reopen by July with enhanced sanitation procedures across all sites, writes Tanishaa Nadkar.

The company, which abandoned its $1.65 billion deal to buy Canada’s Cineplex (CGX.TO) last week, expects to reopen in the United States and the UK on July 10. Shares in the company, which have fallen around 64% so far in the year, were seen opening 10% higher, according to premarket indicators. Cineworld, which had shut down its theatres due to coronavirus-led restrictions, said it had updated its booking system to ensure social distancing in its auditoriums, along with adapting movie schedules to manage queues and avoid the build-up of crowds in lobbies.

Cineworld, which operates about 9,500 screens globally, with more than 7,000 in the United States, also secured an extra $110 million from lenders and a waiver on loan covenants last month to help it survive lockdowns. Director Christopher Nolan’s thriller Tenet will debut in cinemas on 31 July, the first new blockbuster release in months for movie theatres that need fresh films to lure audiences after the closures.

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