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I can't see tomorrow as a massive inflection point and still expect the share price to be highly volatile without a clear direction until (say) October when the "Mega" slate kicks in and peoples' perception of Covid is that it's a chronic disease we are going to have to live with without shutting down the economy.
Why?
Well, one of the key overhangs is the Cineplex case, and although I expect bullish and comforting words, I doubt that there will be much of substance, since it takes two to tango and if there had been a material development, then since Cineplex is a listed security, it would also have to disclose any developments so as to prevent a false market in its own shares. Also, for those of us who have been involved in such things, it is normal to try and manage the other side's expectations of a settlement by briefing to the most advantageous end of the permissible envelope.
Also, there can't have been any massively helpful numbers on trading, since the Box Office is already widely disclosed and market share is more closely tied to geography than the quality of the experience, so I expect that Cine will have performed in line with the wider market.
Short term, my main concern is with the losses that have been built up during lockdown, and, after re-opening, with Opex up but without the concomitant substantial bump in revenue.
Previous guidance was on a (IIRC) USD60m per month cash burn, but to anyone who is an accountant they will know that this is a baby number to allow investment bankers to take cash and liquidity facilities and divide them by the 'burn rate' and come up with a period of time that the company has to 'survive' without a further equity raise. It was always likely that that USD60m was an optimistic assessment based on the best of all worlds (e.g. landlords forgiving rent) whereas life can be much more complex and spikey.
On the plus side, the fall from £1.20 to c60p probably has a lot of the above (and more) baked in, although the raising of an additional credit facility is worrisome. Om the one hand, you raise finance when you can, not when you need to, but this is likely to be pretty expensive money and since most of the trading upside already goes to debt rather than equity, I would view that as a further shift in that direction.
To those who think this is overly negative on Cineworld as a business, it isn’t – I strongly believe that Cineworld’s cinemas will recover and be very profitable long term. What concerns me is how that value is split between the debt and equity slices of the capital structure, and having management so strongly aligned to the Greidinger Family Trust and the desire to prevent it being diluted at any cost, I worry that they have bet the farm and that that bet may not come off.

Re sale of Retail Parks - alas that's what happens when you overgear a business and hit an unexpected shock like Covid.
They had to sell to raise cash and so were a distressed seller. A shame I know but there wasn't much else they could do.
I take comfort that RRG has laid out a sensible strategy to work the current portfolio mix to maximise value and that there are two well capitalised shareholders on the register who are clearly in for the long term. The headline drop in valuations was half rent roll reductions and half yield (market sentiment) both of which you would expedct to reverese as the economy improves. Even after that we still have a NAV per share at double today's share price. I think we have reached an inflexion point and although it will be a hard grind upwards I think we can now expect the balance of news to be good rather than bad.

"If it bleeds, it leads."
The mainstream media is only interested in the headlines being as frightening as possible as it drives ratings.
The truth is warped and spun to fit a narrative.
Burley, "Beff", Boulton, Marr, Peston etc have shown themselves to be narcissistic charlatans.
The pandemic is over in the UK as off now.
That doesn't mean that Covid has gone, but it no longer constitutes a public health emergency and no longer merits draconian impositions on the public.
You won't see that on the BBC, Sky or ITV, but look at the numbers, it's true.

@Dragon9 There tends to be more heat than light on this board, although occasionally some useful intel.
It helps that most of my feed is made up of green boxes these day!

As a positive, I guess it suggests that a Rights Issue isn't imminent, which is hardly surpising as the Greidinger clan wouldn't be able to fully take up their rights and so would get diluted.
As a negative, it suggests that the business is struggling more than anticipated and more of the Enterprise value has gone to Debt rather than Equity.
There's no reason why it can't swing back again, but it does suggest that it will longer than hoped for.
Personally I think we are well into the end phase of this pandemic and by October it will be firmly in the rear view mirror for the US and Europe.
We are, however, at the mercy of more policy mistakes from governments doubling down on the fear narrative.

For the umpteenth time, Cine won't be the next AMC - alas.
1) Cine isn't shorted anywhere near enough to cause a simiilar massive rise
2) It is UK listed and our capital markets are quite different from the US in a number of key respects, most notable the lack of availability of Call options to the retail maket.
Why is this important?
Well it's a bit like a Hydrogen Bomb.
Retail buyers buying shares in a heavily shorted stock cause an initial price rise through supply an demand and a bit of a short squeeze - that's the primary detonation in an H bomb, usually caused by an atomic explosion. Important, but not enough to "send it too the moon"
The real energy is when that initial rise gets high enough to bring heavily out of the money Call options into play. Firms who wrote the Call options then have to start covering their risk by buying shares as the Call options get nearer the money. This is a Gamma squeeze and is self reinforcing as it drives up the share price bringing more Call options into the money thus forcing more buying to cover the extra Gamma. Which is like the fusion part of an H bomb.

Sadly Cine would only bebenfit from a moderate price rise from the initial short squeeze, but there aren't enough Call options around to turn that into a meaningful cascade igniting a Gamma squeeze which is what happened at AMC.

Covid in the UK is nearly over - the Zoe app today shows that new cases amongst the unvaccinated are now lower than the vaccinated. Yeah, at first glance that sounds worrying, but given vaxxed people only transmit the disease half as well as unvaxxed people, R will start to fall like a stone. We are on the cusp of herd immunity.

It's a fair question. Hopefully the answer is "No" and that Cine has found the floor and we build back up from here.

@sammy18 apparently you have 2,674 posts and @Dragon9 has 237
I would conclude (admittedly from a small sample size but which I believe to be statistically significant) that the axiom "empty vessels make the most noise" is correct.

@bigplan interesting analysis and yes, this is all about how much gravy is left for the equity slug of the capital structure. It is tiresome how many people don't understand that unless the cake reaches a threshold, us poor equity investors don't get to eat. But if it does, we feast like kings.

As it is confession time, I am also an FCA, and have put together/ audited enough PLC accounts to know that they numbers should be taken with a pinch of salt/ massive health warning.

A lot of this comes down to whether you think the Greidinger family have over reached through hubris and leveraged the business to such heights in order to prevent them being diluted and have thus killed off any value in the equity versus they have so much skin in the game that they will make this work for all shareholders.

Only time will tell!

Wiped out - that's why they usually get a Rights Issue away.

@JG68 - No, if the equity has zero value they can buy it back for 1p per share (or not even bother depending on how how the share loan was structured)
My point is that if you have made c£1.30 per share, why hold on for the last 20p, unless you really do think Cine will go bust/ undergo a massive rights issue/ be taken over by its creditors in a debt for equity swap.

The thing I don't understand is why those who shorted at £1.50 plus in March 2020 didn't close it when it fell to the 20p territory, or soon after. Maybe they have covered their positions with calls or some other derivative, but to hold up to £1.20 and then down again would suggest either that they believe that the equity will have zero value eventually, or they missed the boat the first time and will start to close at (I dunno) 40p territory.

I agree - it feels like a false market. Almost as if someone knows something we don't.
About to be open with 100% capacity and a full slate of films and we are back in the dark days with no clear way out or timetable.

Could be that someone has got wind of the likely settlement and is shorting Cineworld and going long Cineplex
(well that would be the trade to make if you knew)

They were pretty much in lockstep until early May
tinyurl.com/57mw8aah
I sincerely hope I'm wrong on this, but looking at that, it stinks.

Maybe it's a conincidence, but in the last 2 months, Cineplex is up 20% and we are down 35%
tinyurl.com/ee748f8h
That's what you'd expect if there was a large financial settlement going from Cineworld to Cineplex.

Anyone got any updates on the Cineplex case? In the absence of any real news, that is the only thing that I can think of that would cause this kind of drop. There will be loads of people who have visibility of how it's going so if it's not going Cine's way, that could easily leak.

The recent LTIP demonstrated that some shareholders are more equal than others!

I can understand the motivation Dragon9, and it would be fine if they were billionaires instead of millionaires, but that desire seems to have transferred most of the value from equity investors to debt holders.

Hopefully the statement on the 12th won't confirm that, but the current share price run suggests that that is the prevailing market view.

The Regal deal is looking increasingly like a massive piece of hubris from the Greidinger family.