RE:RE:Specifics of the deal
My mistake - the agreement does define a "Company Material Adverse Effect." It's just such a huge definition I didn't recognize it at first. Anyway yes, it appears COVID-19 does qualify.
So, in short - despite both sets of company shareholders and regulators approving, Cineworld can still back out by paying them off. More to the point, maybe, they can threaten to do so to get a better deal.
I think the shorts have got this one right.