Cineworld accesses $785 mln in financial aid

STORY: Cinema chain Cineworld said on Friday (September 9) that a U.S. bankruptcy court has granted it access to around $785 million.

That comes from $1.94 billion of aid secured from lenders as part of filing for bankruptcy - a decision the company was forced to take on Wednesday (September 7).

The chain aims to restructure U.S, UK and Jersey operations, covering much of the business.

Cineworld said it now expects to have enough liquidity to meet its ongoing obligations.

Following the announcement, London-traded shares in the firm rose as much as 9%.

The company took on debt to fund its $3.6 billion purchase of the Regal chain in 2017.

And, with 28,000 employees, amassed even more to survive the pandemic.

The group says the remainder of the financial aid will be made available based on court approval.