Ann Sarnoff Joins Board of Cineworld as Cinema Giant Emerges From Chapter 11 Cases
variety.comNaman Ramachandran Former WarnerMedia Studios and Networks Group chair and CEO Ann Sarnoff has joined the board of directors of Cineworld as the group emerges from Chapter 11 cases.
Cineworld Group and its subsidiaries had commenced Chapter 11 cases in the United States Bankruptcy Court in September 2022.
On Aug. 1, 2023, the group, which operates the Regal cinemas chain in the U.S., said it had successfully completed its financial restructuring process and had emerged from its Chapter 11 cases.
While existing shareholders are largely wiped out, the restructuring moves include an $800 million rights issue to raise new capital, the release of some $4.35 billion of the group’s funded indebtedness and the provision of $1.71 billion of new debt financing.
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