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Cineworld stock plunged on Thursday as the world’s second largest cinema operator warned the coronavirus pandemic could “cast significant doubt” over its ability to keep trading.

The company said movie theater admissions had not yet been materially affected by the pandemic but it was prepared for the crisis to deepen. The stock plunged 49% in early trading, before recovering to trade 18% down in the afternoon.

A downside scenario, in which cinemas across its estate were forced to close, would see the company lose up to three months’ revenue, it said. Cineworld has 9,500 screens across 787 sites in the U.K., Ireland, Poland, Czech Republic, Slovakia, Hungary, Bulgaria, Romania, Israel and the U.S.

A three-month revenue hit could mean the company breaches its financial covenants and debt commitments, it said. That would “cast significant doubt” on its ability to continue as a going concern, it added in a statement on Thursday.

Read:Is Coronavirus a Pandemic? Yes, Here’s What That Means

The stock has now fallen 67% so far this year as the delay to the latest James Bond movie — No Time to Die — and fears coronavirus will keep people indoors and away from cinemas have battered the share price.

The company, which doesn’t operate in Asia, moved to reassure investors last week, insisting that admissions in its territories remained at “good levels” despite the Covid-19 outbreak.

Cineworld said it had also received assurances from studios that they remain committed to releasing movies as planned in the coming months.

However, the virus has rapidly spread through Europe and into the U.S. — its key markets — in recent days, piling further pressure on the stock.

Investors have long been concerned over Cineworld’s high levels of debt. The company’s $3.6 billion acquisition of U.S. movie-theater chain Regal in 2018 lumbered it with $4 billion in net debt, which it has since reduced to $3.5 billion. In December 2019, Cineworld announced plans to buy Canada’s Cineplex for $2.1 billion — the debt-financed acquisition will be funded by loans worth $2.3 billion. Despite the warning over the coronavirus outbreak, Cineworld said the deal would be completed in the first half of 2020.

Looking ahead. Cineworld has been grappling with falling admissions for some time, embarking on theater refurbishment to improve customer experience and stop the consumer trend toward streaming platforms, such as Netflix, Disney and Amazon. It now has far more pressing problems. Coronavirus hasn’t yet affected admissions but it has still managed to hammer the stock and lead the company to warn over its future. It may be a worst-case scenario of sorts, and unlikely, but it exposes Cineworld’s fragility and highlights its steep debt pile.