Regal parent Cineworld has successfully emerged from bankruptcy, marking a significant turning point for the company. After facing the devastating impact of Covid-19 and a heavy debt burden, Cineworld filed for Chapter 11 in September of last year. However, through its restructuring efforts, the company has managed to reduce its debt by approximately $4.53 billion and raise $800 million in new equity capital. Additionally, Cineworld secured new debt financing of $1.71 billion, including a $250 million revolving credit facility.
With a strengthened and recapitalized balance sheet, Cineworld is now in a prime position to pursue future strategic initiatives and continue delivering exceptional cinematic experiences to customers worldwide. The company is excited about the possibilities that lie ahead and is committed to maintaining its status as a leader in the industry.
As part of its emergence from bankruptcy, Cineworld has introduced five new board members, bringing fresh perspectives and expertise to the company. Eduardo Acuna, former president of Cinépolis Americas and Cinépolis Do Brazil, has taken over as the new chief executive, replacing Mooky Greidinger. Eric Foss, former CEO of Pepsi Bottling Group and Aramark, has assumed the role of chairman of the board. Joining them are Ann Sarnoff, former chair and CEO of WarnerMedia Studios & Networks Group, Patrick J. Bartels, managing member of Redan Advisors, Stephen Joyce, former CEO of Dine Brands Global, and Stefano Malfitano, a principal at Cyrus Capital Partners. Blythe J. McGarvie, former CEO of LIF Group and former CFO of Hannaford Bros., also joins the board.
Cineworld is confident that these new board members will contribute valuable insights and industry relationships to strengthen the company’s partnerships with studios and content suppliers. Ann Sarnoff, in particular, brings a wealth of entertainment experience and a keen understanding of how to engage and delight global audiences.
The future looks bright for Cineworld, with its iconic brands, including Regal, Cinema City, Picturehouse, and Planet, leading the way. The company is thrilled about the opportunities that lie ahead and is committed to delivering exceptional experiences to its loyal customers.
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