Cineworld has cut its dividend and executive pay and is holding talks with its lenders in a bid to save the world’s second biggest cinema chain.
The chain, which has been forced to close all of its 787 cinemas, is seeking to have its debt covenants changed to allow it to access more of its existing $462.5m credit facility.
Cineworld, which is in the midst of a £1.6bn takeover of its Canadian rival, Cineplex, has suspended its dividend and is also in talks with landlords about rent reductions and holidays.
