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Regal Entertainment’s UK-based owner Cineworld said Monday that it secured a financial lifeline to help it avoid a bankruptcy filing. Lenders will provide the movie-theater owner with a $450 million loan to help it keep afloat through the coronavirus pandemic. Other lenders will provide Cineworld with additional flexibility on its revolving loan and other debt with various measures, providing it with more than $750 million of extra liquidity. Cineworld said the loans will give it “financial and operational flexibility until lockdown restrictions in key jurisdictions are eased and studios are able to bring their enhanced pipeline of major releases back to the big screen.” Cineworld’s shares were up about 20 percent in afternoon trading in London on Monday. Last week, The Post reported that the world’s second-largest movie theater operator had been considering a rescue deal that could spur permanent UK cinema closures but help it avoid bankruptcy. Movie theater owners worldwide have been under immense pressure as COVID-19 cases continue to rise, prompting a second wave of lockdown restrictions and more stringent guidelines. Theaters also face the challenge that major Hollywood studios have been delaying blockbusters or sending them straight to streaming, leaving cinemas with few new movies to
A new plan to bail out New York City’s debt-ridden taxi drivers is getting support from top city and state officials — but critics say the numbers don’t add up, and claim that it threatens to wreck the market that finances yellow cabs for good. Under a proposal unveiled this month by the New York Taxi Workers Alliance, a group that represents drivers, the city would attempt to reduce the value and debt on taxi medallions — the pricey permits issued by the city that are required to operate cabs — at $125,000. The city would act as a backstop, responsible for all the accounts that might still default. Introduced by the group’s executive director, Bhairavi Desai, the plan would push cabbies’ monthly payments below $800 over 20 years with an interest rate of 4 percent. That’s well below the payments of $3,000 and $4,000 a month that slammed some cabbies after the medallion market briefly soared above $1 million in 2013. The radical refinancing — which comes as cabbies face as much as another year before the city returns to normal with the help of a COVID-19 vaccine — has grabbed the eye of a few prominent city officials.
NBA star Stephen Curry is set to launch a new line of sports apparel on Tuesday called “Curry Brand” with longtime retail partner Under Armour. Curry Brand will include footwear, apparel and accessories and extends the hoopster’s relationship with Under Armour beyond his original 2013 basketball sneaker deal to include golf, other sports and a women’s line, the company said Monday. Financial details of the deal were not disclosed, but the Golden State Warriors point guard is ranked No. 8 in endorsement deals totaling $42 million, according to Forbes, with his Under Armour shoe contract comprising the biggest chunk. In 2015, Curry and Under Armour agreed to extend their contract through 2024, according to reports, including an equity stake in the Baltimore-based company. But it was around that time that sales of performance basketball shoes began to decline, according to NPD Group. The category has dropped 20 percent year to date versus a year ago, accounting for just 3 percent of the overall sneaker market in the US. In 2017, performance basketball shoes accounted for 5 percent of sneaker sales and 6 percent in 2016, according to NPD Group. Fashion sneakers, by comparison, represent 50 percent of sneaker sales. “Under