London (CNN Business) Cineworld Group, the owner of Regal Cinemas, may need to raise more cash in order to survive another surge of coronavirus cases. The world's second largest cinema business said Thursday it has enough funds on hand to keep operating for now after it crashed to a loss of $1.6 billion for the first six months of the year as revenues slumped by 67%. The company warned, however, that it would need to raise additional cash early next year if a second wave of coronavirus cases cause "prolonged" shutdowns in the United States and United Kingdom. Even if that scenario is avoided, the company said it's likely to breach loan covenants in December and again in June 2021, putting it at risk of default if discussions with its lenders fail to result in waivers. "There can be no certainty as to the future impact of Covid-19 on the group," Cineworld said in a statement.

Source: CNN September 24, 2020 14:03 UTC