Cineworld creditors plan management shuffle amid takeover interest - Bloomberg News
27/03/2023 18:22
March 27 (Reuters) - Creditors of British cinema
operator Cineworld Group PLC CINE.L are outlining plans for a
new board and executive team after nine years under CEO Mooky
Greidinger and his deputy Israel Greidinger, Bloomberg News
reported on Monday.
The Greidinger brothers are set to be replaced, but
creditors have considered providing them compensation and a
transitional role during the handover period, the report added,
citing people familiar with the matter.
Cineworld declined to comment on the report.
Earlier in the day, Sky News reported that private equity
firm CVC Capital Partners had proposed a takeover of parts of
Cineworld, within days of a similar offer from activist investor
Elliott Management.
Cineworld said in February it may emerge from Chapter 11
bankruptcy protection in the first half of this year.
Mooky Greidinger was fined 23,000 pounds ($28,227.90) and
handed a six-month suspended prison sentence by an Israeli court
in December over the breach of a merger agreement from 2010.
($1 = 0.8148 pounds)
(Reporting by Rishabh Jaiswal and Sinchita Mitra in Bengaluru;
Editing by Devika Syamnath)
((rishabh.jaiswal@thomsonreuters.com;))