Cineworld has raised $213m (£155m) convertible bond to cope with the continued disruption of Covid-19.

The bond will give the cinema group a “significant liquidity buffer” as it reopens its theatres across the world, CEO Mooky Greidinger said.

Cinemas have been one of the worst hit industries in the world, with UK & Ireland revenues at Cineworld down 76.3% to £153m.

Cinemas are set to reopen on 17 May, according to the government’s reopening roadmap.

The group suffered an operating loss of $2.2bn (£1.6bn) in 2020.

Overall it has raised $810.8m (£593m) in additional liquidity throughout the year.

Cineworld said it anticipates “strong pent-up demand” for out-of-home entertainment, with encouraging signs from re-opened markets in China, Japan and Australia.

The group said it may need to raise additional liquidity if further restrictions were introduced.