Coronavirus: Cineworld Suspends Dividends & Defers Exec Director Salaries & Bonuses As Fleet Of 787 Cinemas Goes Dark
Because it faces as much as the large coronavirus problem, exhibition large Cineworld has suspended fee of its 2019 fourth quarter dividend of 4.25c per share and upcoming 2020 quarterly dividends in a bid to “preserve money wherever potential”.
The Regal-owner introduced additionally right this moment that govt administrators have voluntarily agreed to defer fee of their salaries and bonuses. Non-executive administrators will defer their charges.
The group’s total property of 787 cinemas in ten international locations has been closed on account of COVID-19, a state of affairs the corporate admitted appeared “not possible to think about just a few months in the past”.
In right this moment’s replace, the world’s second largest cinema operator commented, “Each effort is being made to mitigate the impact of the closures, to help our staff and to protect money. These efforts embody discussions with our landlords, the movie studios and main suppliers, in addition to curbing all at present pointless capital expenditure. It is a painful however mandatory course of as earlier than the onslaught of the COVID-19 virus, we have been excited and assured in regards to the Group’s future prospects. We’re additionally discussing the Group’s ongoing liquidity necessities with our RCF banks….We proceed to watch progress of the Group’s proposed acquisition of Cineplex.”
Cineworld has tapped into totally different government-supported furloughing schemes to assist proceed to pay its employees. Yesterday, we spoke to CEO Mooky Greidinger in regards to the firm’s outlook amid the disaster.
COPYRIGHT_BP: Published on https://bingepost.com/coronavirus-cineworld-suspends-dividends-defers-exec-director-salaries-bonuses-as-fleet-of-787-cinemas-goes-dark/88084/ by Cecilia Jones on 2020-04-07T06:51:43.000Z
