Directors Deals 

Cineworld directors buy in

Cineworld directors buy in

Cineworld (CINE) announced in March that it was on track to find $150m (£119m) in cost synergies this year, against a previous estimate of $100m. A mixed trading update came in May – US and UK & Ireland revenues were down by 11 per cent and 12.1 per cent, respectively, for the first five months of the year. But the international cinema chain said that it had completed the sale and leaseback of 17 US-based cinemas, in a country that now represents by far its largest revenue source, since its acquisition of US group Regal Entertainment last year. At the time of the sale, Cineworld said that it intended to use the proceeds to pay down its net debt. The group also said that it was in discussions for a similar leaseback agreement with a separate party for a further 18 cinemas.

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