Cineplex to temporarily shut theaters in Canada amid virus outbreak

Cineplex to temporarily shut theaters in Canada amid virus outbreak

Cineplex to temporarily shut theaters in Canada amid virus outbreakCineplex to temporarily shut theaters in Canada amid virus outbreak

(Reuters) – Cineplex Inc said on Tuesday it had temporarily shut its theaters and entertainment venues across Canada, following similar moves from its UK-based bidder Cineworld Group.

Cineplex will close its theaters and venues from March 16, to April 2, the company said in a statement.

The Canadian theater chain also said the possibility of prolonged closures due to the outbreak could impact its ability to satisfy the debt condition for the takeover offer from Cineworld.

Cineworld offered to buy its Canadian rival in December for $1.65 billion in cash.

Regal Cinemas, operated by Cineworld, said on Monday it had temporarily closed all its more than 500 theaters in the United States to stem the spread of the coronavirus.

Cineworld warned last week it could fail to meet its debt commitments in a worst-case coronavirus scenario, though it plans to press ahead with its $1.65 billion takeover of Cineplex.

Both companies are planning to move ahead with the deal and are working to meet the required conditions on or prior to June 30, according to Cineplex’s statement.

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