Cinepolis exec seen as CEO candidate for Cineworld - Sky News (updated)
03/07/2023 22:12
(Adds details from Sky report in paragraph 2, background in
paragraphs 4 to 6)
July 3 (Reuters) - Cineworld Group CINE.L is looking
at Eduardo Acuna, who runs the Americas operations of Mexico's
Cinepolis, as a potential candidate to take the helm at the
embattled British cinema chain operator when it emerges from
bankruptcy proceedings, Sky News reported on Monday.
It is not clear whether Acuna was formally in the frame to
take the job or how quickly Cineworld's new owners were seeking
to make an appointment, the report said.
Cineworld declined to comment on the Sky News report,
while Cinepolis did not immediately respond to a request for
comment.
The Financial Times said in June that Cineworld CEO Mooky
Greidinger as well as his top management team will be paid up to
$35 million combined to leave the company after it emerges from
Chapter 11 proceedings.
The cinema chain operator, which appointed former Pepsi
PEP.O executive Eric Foss as its new chairman last week, said
it is filing for administration in Britain and suspend trading
on the London Stock Exchange as part of a restructuring plan to
reduce its massive debt.
Cineworld had its debt restructuring plan approved in the
United States as well, which involves the release of about $4.53
billion of the group's debt, a rights offering to raise gross
proceeds of $800 million and the provision of $1.46 billion in
new debt financing.
(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Shailesh
Kuber)
((rishabh.jaiswal@thomsonreuters.com;))