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☆ Cineworld emerges from Chapter 11 bankruptcy
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Cineworld Group (CINE.L) said it has emerged from Chapter 11 bankruptcy after nearly 11 months, coming out with lower debt and a new slate of management and board. The world's second largest cinema chain operator behind AMC Entertainment (AMC.N) said it has appointed former Chair and CEO of Warner Bros Ann Sarnoff to its board, along with four other members to join new Chairman Eric Foss and CEO Eduardo Acuna. The movie chain operator and owner of brands such as Regal, Cinema City, Picturehouse and Planet had filed for U.S. bankruptcy in early September to restructure its massive debt. The "New Cineworld" has fixed its balance sheet after cutting debt by $4.53 billion, raising about $800 million in new equity capital and securing new debt financing of about $1.71 billion, the company said. Reporting by Yadarisa Shabong in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Warner Bros Ann Sarnoff, Eric Foss, Eduardo Acuna, Foss, Yadarisa, Nivedita Organizations: Cineworld, AMC Entertainment, Warner Bros, Cinema, U.S, Thomson Locations: Cinema City, Bengaluru

☆ Regal cinemas owner Cineworld emerges from bankruptcy
▼ + stars: | 2023-08-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —The owner of Regal cinemas announced Tuesday that it had emerged from Chapter 11 bankruptcy after slashing billions off its debts, just as smash hits “Barbie” and “Oppenheimer” give the movie theater industry a much-needed lift. “Cineworld is ready and fully able to succeed in this dynamic and constantly changing movie theater industry,” chairman Eric Foss said in a statement. (Warner Bros., like CNN, is owned by Warner Bros. Cineworld struggled to stay afloat during the pandemic, when it, along with other cinema chains, was forced to close its movie theaters worldwide. But whether the summer blockbusters will translate into a sustained revival for movie theaters remains to be seen.

Persons: Barbie ”, “ Oppenheimer ”, Eric Foss, Eduardo Acuna, Cineworld “, ”, Ann Sarnoff, Cineworld, Barbie, “ Oppenheimer, Disney’s “ Indiana Jones Organizations: London CNN, Regal, AMC, Cinepolis, Warner Bros, CNN, Warner Bros ., Universal Studios, Hollywood Locations: Cinepolis Americas, United States, ”, Disney’s

☆ Cinepolis exec Eduardo Acuna to become Cineworld CEO
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +2 min

July 13 (Reuters) - Cineworld Group (CINE.L) said on Thursday Eduardo Acuna, who runs the Americas operations of Mexican theatre operator Cinepolis, will become its CEO when the company emerges from bankruptcy proceedings, expected this month. The group, which filed for U.S. bankruptcy protection in September, said lenders had agreed to appoint Acuna as CEO of the newly formed parent company after its restructuring plan becomes effective. Cineworld had faced discontent from shareholders over executive pay in 2021, including bonuses to the CEO and his brother and deputy chief Israel Greidinger. Acuna, who has been with Cinepolis since 2005, previously held roles at McKinsey and Co and Goldman Sachs. Cineworld added that it "understands that a selection process for the remaining members of the new company's board is ongoing".

Persons: Eduardo Acuna, Acuna, Eric Foss, Mooky Greidinger, Greidinger, Cineworld, Israel Greidinger, Goldman Sachs, Eva Mathews, Yadarisa, Shinjini Organizations: Cineworld, U.S, Pepsi, Cinema City, Regal Entertainment, Financial Times, McKinsey, Thomson Locations: London, Britain, U.S, British, Bengaluru

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