Cineworld emerges from Chapter 11 bankruptcy

Aug 1 - Cineworld Group

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.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.

"We are excited and energized by the bright future ahead of us and look forward to delivering a great guest experience to our valued customers, filled with high-quality entertainment and fun," Foss said in a statement.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Regal Owner Cineworld Takes Next Step Toward Exiting BankruptcyAppointing a U.K. administrator is the latest step as the exhibition giant looks to emerge from bankruptcy proceedings as part of a debt-for-equity transaction.
Source: THR - 🏆 411. / 53 Read more »

Ann Sarnoff Joins Cineworld Board As Regal Parent Emerges From BankruptcyRegal parent Cineworld has officially emerged from bankruptcy, unveiling five new board members and a strengthened balance sheet. The chain, which was flattened by Covid and high debt, filed for Ch…
Source: DEADLINE - 🏆 109. / 63 Read more »