Cineworld Group, not to mention its new and aptly named parent company New Cineworld, successfully wrapped up its financial restructuring process and emerged from its Chapter 11 cases in United States Bankruptcy Court. The company cleaned up its balance sheet by reducing indebtedness by about USD $4.53 billion, raising approximately USD $800 million in new equity capital, and securing new debt financing of approximately USD $1.71 billion.
Cineworld has appointed a Board of Directors filled with business veterans that have expertise in finance, entertainment, corporate governance, and customer engagement. As previously reported the board will be led by Chairperson Eric Foss and Eduardo Acuna, a longtime Cinépolis senior leader, will become CEO.
Cineworld remains the world’s second largest cinema chain operating brands including Regal, Cinema City, Picturehouse, and Planet in the United Kingdom, Ireland, Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania, Israel and the United States. Cineworld Group plc, the previous parent company, has ceased to hold any interest in the group following the emergence from Chapter 11 cases. The cancellation of Cineworld Group plc’s listing on the London Stock Exchange and trading of its shares on the market for listed securities took place on 1 August.