Cineworld (together with its subsidiaries, the “Group”) understands that its lenders have agreed terms to appoint Eduardo Acuna as Chief Executive Officer of the newly incorporated parent company of the Group (“NewCo”) on the effective date of Cineworld’s plan of reorganisation (the “Plan”), which was confirmed by the United States Bankruptcy Court for the Southern District of Texas, Houston Division on 28 June 2023.
The Plan contemplates that NewCo will become the sole owner of the Group upon the emergence of Cineworld and certain of its subsidiaries from their Chapter 11 cases, currently expected to take place in July 2023.
As previously announced on 29 June 2023, Eric Foss is expected to become Chairperson of the Board of NewCo on the effective date of the Plan. Cineworld understands that a selection process for the remaining members of the Newco Board is ongoing.
“Eduardo is a seasoned executive with significant industry experience and a proven track record of driving growth and stakeholder value,” said Eric Foss. “I am confident that under Eduardo’s leadership, Cineworld is well positioned to reach new heights and continue to grow its global business and further enhance its cinemas for guests around the world.”
“I am thrilled to have the opportunity to chart Cineworld’s new course, capitalize on its strong financial position and growth potential and continue to deliver groundbreaking cinema experiences for our guests,” said Eduardo Acuna. “With audiences continuing to show how much they love the theatre experience; this is an incredible time for Cineworld.”
About Eduardo Acuna
Acuna has served as President of Cinépolis Americas since 2015, and has worked at Cinépolis, the third largest theatrical exhibition circuit in the world, since 2005. In his current role, he heads all operations for Cinépolis in 11 countries across North America and South America. Previously, Acuna served as President and CEO of Cinépolis Brazil, where he received the International Exhibitor of the Year Award by ShowEast in 2014. Prior to Cinépolis, Acuna held positions at McKinsey & Company in Mexico and Argentina, Goldman Sachs in New York, the Bank of Mexico and Mexico’s Ministry of Social Development. Acuna currently serves on the Board of Directors at Global Cinema Federation and The Cinema Foundation.
About Eric Foss
Foss has served as Chairman and CEO of two Fortune 200 companies and has extensive global business experience in the food, beverage and service industries. Mr. Foss served as CEO of Aramark from 2012 and as Chairman and CEO from 2015 until his retirement in 2019. Prior to Aramark he served as Chief Executive Officer of Pepsi Beverages Company and Chairman and CEO of The Pepsi Bottling Group. Foss currently serves on the Board of Directors at Cigna, Primo Water Company and Selina Hospitality PLC.
Business as usual
Cineworld continues to operate its global business and cinemas as usual without interruption and this will not be affected by the entry of Cineworld Group plc into administration or Cineworld’s emergence from its Chapter 11 cases. The Group and its brands around the world – including Regal, Cinema City, Picturehouse and Planet – are continuing to welcome customers to cinemas as usual. The Group continues to honour the terms of all existing customer membership programmes, including Regal Unlimited and Regal Crown Club in the United States and Cineworld Unlimited in the UK.
Cineworld was founded in 1995 and is now one of the leading cinema groups in Europe. Originally a private company, it re-registered as a public company in May 2006 and listed on the London Stock Exchange plc in May 2007. Cineworld’s acquisition of Regal Entertainment Group has created the second largest cinema business in the world (by number of screens). Cineworld currently operates in the United Kingdom, Ireland, Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania, Israel and the United States