Cinewood subsidiary Regal Cinemas sues insurers for COVID-19 losses
Regal Cinemas (Regal), the US subsidiary of Cinewood Group PLC (Cinewood) reported that it is suing three insurers for failing to honor policy obligations to compensate the theater for losses suffered during the COVID-19 (coronavirus) pandemic due to government shutdowns. The three insurers listed in the report are Allianz Global Risks US Insurance Co., Liberty Mutual Fire Insurance Co. and Zurich American Insurance Co.
COVID|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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