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| Porn Users Forum » COVID epidemic expanding until further notice. Not over until it's over. |
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| 11-02-20 12:43pm - 1417 days | Original Post - #1 | |
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LKLK (0)
Active User Posts: 1,583 Registered: Jun 26, '19 Location: CA |
COVID epidemic expanding until further notice. Not over until it's over. Variety Nov 2, 2020 7:01am PT U.K. Exhibitors’ Body Calls for More Government Funding as English Cinemas Prepare to Close British film exhibitors’ body, the U.K. Cinema Assn., has called for increased government funding in addition to the £30 million ($38.6 million) being disbursed by the British Film Institute Cultural Recovery Fund to independent cinemas. Cinemas across England will close Nov.5 to Dec. 2 as part of the second national lockdown being undertaken to restrict the rapid spread of the coronavirus pandemic. Wales and Northern Ireland are already in lockdown with cinemas shuttered, as are large parts of Scotland. “The announcement that cinemas in England will be required to close from Thursday, coming as it does after similar decisions in Wales and Northern Ireland, and with almost all cinemas in Scotland likewise now shuttered, will be a further blow to the U.K. sector,” said U.K. Cinema Association chief executive Phil Clapp. The existing furlough scheme, due to conclude at the end of October, has now been extended till December. “While we welcome the extension of the furlough scheme, all cinemas will require additional funding support if they are to recover from this, the latest of a series of set-backs,” Clapp said. “While the announcement of £30 million of support for independent cinemas in England (and consequent announcements in the rest of the U.K.) was welcome, those venues need confirmation of their awards now, given the need for them to plan for continuing challenges over the coming months.” “At the same time, we renew our call for government to support those larger cinema companies who are not eligible for the above funding, but are major employers in the sector, as well as making a hugely valuable contribution to their local communities,” Clapp added. The Cineworld chain was already closed, following the postponement of James Bond film “No Time to Die” to Easter 2021. Many screens of the Vue and Odeon chains were operating on weekends only. Employee collective, the Cineworld Action Group, tweeted: “With the announcement that furlough has been extended in light of the English lockdown, we call on @cineworld to do the right thing and place us back on the job retention scheme, with pay backdated to 16th October when the company placed the majority of us on unpaid leave.” “Cutting us off from furlough two weeks before the original end date was in itself a callous decision. Indefinite unpaid leave places many staff members in extremely precarious financial situations. Being placed back on furlough would be a lifeline for us.” | |
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| 11-02-20 01:28pm - 1417 days | #2 | |
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LKLK (0)
Active User Posts: 1,583 Registered: Jun 26, '19 Location: CA |
AMC seeks stock sale to raise $50 million to stave off bankruptcy Published Mon, Nov 2 202010:02 AM EST Sarah Whitten Key Points AMC is looking to sell up to 20 million class A shares to secure nearly $50 million in new capital. The world’s largest cinema chain, which has been slammed by the coronavirus pandemic, is set to report quarterly earnings Monday afternoon.. Last month, it warned investors that its dwindling cash pile could push it to file for Chapter 11 bankruptcy. AMC, starved for cash, is looking to sell up to 20 million class A shares to secure nearly $50 million in new capital, according to an SEC filing published Monday. Shares of the company — the world’s largest cinema chain — fell nearly 7% in early trading Monday. The company is set to report quarterly earnings Monday afternoon. The filing is just the latest fundraising attempt by AMC. Like others in the industry, the company has been slammed by the coronavirus pandemic. First it was forced to shutter hundreds of theaters, and then after reopening, saw customers stay home and major Hollywood blockbusters delay their openings. Last month, AMC warned investors that its dwindling cash pile could push it to file for Chapter 11 bankruptcy. Heading into the pandemic, AMC already had $4.75 billion in debt, which it amassed from outfitting its theaters with luxury seating and from buying competitors like Carmike and Odeon. The cinema chain has been focused on fundraising for months. It has already renegotiated its debt to improve its balance sheet this year and has been exploring a variety of ways to boost its liquidity. At a maximum offering price of $2.39 each, selling 20 million shares would raise $47.7 million for AMC. The company needs to hold on long enough for new content to arrive in theaters. The next big feature is “The Croods: A New Age” which is slated for Thanksgiving. Theater chains are holding out hope that “Free Guy” and “Wonder Woman 1984” hold their December release plans. Without these new films moviegoers won’t venture away from their couches. AMC and other theaters have been hemorrhaging money in order to stay afloat. Last month, AMC released a preliminary earnings report that said the company had earned around $119.5 million in revenue during the three-month period ended Sept. 30. That’s a steep fall from the $1.32 billion gain AMC tallied during the same period last year. For the first nine months of 2020, AMC said it took in revenue of $1.08 billion, a fraction of the $4.02 billion a year earlier. | |
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