Aug. 8, 2023

Cineworld Appoints New Board as it Emerges from Chapter 11 Cases

Cineworld named a new board of directors following the successful completion of its financial restructuring process on August 1, 2023. By: Theng Min Yee

The world’s second largest cinema chain has commenced Chapter 11 cases in the United States Bankruptcy Court in September 2022. As of August 1, 2023, the group announced that it successfully wrapped up its financial restructuring process, emerging from the bankruptcy protection of Chapter 11. In addition to exiting Chapter 11, Cineworld designated a fleet of new directors, which includes former WarnerMedia Studio’s CEO Ann Sarnoff. The Cineworld board will be led by former Pepsi CEO Eric Foss and former Cinepolis boss Eduardo Acuna.

In a released statement, Foss said: “With a transformed balance sheet and a right-sized capital structure, Cineworld is ready and fully able to succeed in this dynamic and constantly changing movie theatre industry.”

Echoing similar sentiments, Acuna ambitioned to break new ground in the industry.

In addition, Acuna also expressed his confidence in the organisation’s new board of directors and strategic partnerships. He said: “With its talented group of employees, significant number of distinguished business partners and devoted customers around the world, Cineworld has what it needs to reach new levels of success.”

Cineworld’s other new board members are Patrick J Bartels, of Redan Advisors LLC; Stephen Joyce, former CEO of Dine Brands Global; Stefano Malfitano, a principal at Cyrus Capital Partners; and Blythe J McGarvie, former CEO of LIF Group.

 

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