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.
The world’s second largest cinema chain operator behind AMC Entertainment 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.
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