Cineworld CEO and top execs secure near $35 mln exit payout- FT (updated)
16/06/2023 13:24
(Adds details from report in paragraph 2, Cineworld's response
in paragraph 3, background in 4 and 5)
June 16 (Reuters) - Cineworld's CINE.L CEO Mooky
Greidinger and his top management team will be paid up to $35
million combined to leave the British cinema operator after it
emerges from Chapter 11 proceedings next month, the Financial
Times reported on Friday.
The lenders have committed to pay Greidinger, his brother
and deputy CEO, Israel Greidinger, Chief Financial Officer Nisan
Cohen and Chief Commercial Officer Renana Teperberg between $30
million and $35 million in cash within a year of their exit, the
FT added, citing people familiar with the matter.
Cineworld declined to comment on the FT report.
Cineworld, the world's second-largest movie theatre chain
operator after AMC Entertainment AMC.N , expects to emerge from
bankruptcy protection in July, with its proposed debt
restructuring securing the backing of most of its lenders, it
had said in May.
The company had filed for bankruptcy protection in September
hoping to restructure its massive debt.
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Savio
D'Souza)
((Radhika.Anilkumar@thomsonreuters.com;))