Ann Sarnoff Joins Cineworld Board As Regal Parent Emerges From Bankruptcy
deadline.comRegal 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 Chapter 11 in the Southern District of Texas last September.
It exits today having reduced that debt by about $4.53 billion and raised $800 million in new equity capital. The restructuring also saw it secure new debt financing of $1.71 billion, including a new $250- million revolving credit facility. “With this strengthened and recapitalized balance sheet, the Group is well-positioned to pursue future strategic initiatives and continue providing leading cinematic experiences for customers globally,” the company said in a statement.
As previously announced, Eduardo Acuna, former president of Cinépolis Americas and Cinépolis Do Brazil, is stepping in to replace Mooky Greidinger as chief executive Eric Foss, former CEO of Pepsi Bottling Group and Aramark, is chairman of the board.
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