Cineworld, owner of the Regal Cinemas movie theater chain, announced Monday that it has emerged from bankruptcy following a restructuring that among other things includes the incorporation of a new parent company, still called Cineworld.
The company has also announced a new board of directors whose members include former Warner Bros. CEO Ann Sarnoff.
With its restructuring, Cineworld said in a statement Monday that it has reduced its funded indebtedness by more than $4.5 billion, has “raised approximately $88 million in new equity capital,” and secured around $1.71 billion in new debt financing, which includes $250 million of revolving credit.
“With this strengthened and recapitalized balance sheet, the Group is well-positioned to pursue future strategic initiatives and continue providing leading cinematic experiences for customers globally, including through investments in new screen formats and enhancements to its flagship theatres,” the company said.
Alongside Eduardo Acuna, who was named Cineworld CEO June 13, and Eric Foss, who was appointed chairman of Cineworld’s board on June 29, the new board of directors includes:
- Ann Sarnoff, who served as CEO of Warner Bros. from 2019 until the company’s merger with Discovery in 2022.
- Patrick J. Bartels, managing member of Redan Advisors LLC.
- Stephen Joyce, former CEO of Dine Brands Global (parent company of IHOP).
- Stefano Malfitano of Cyrus Capital Partners.
- Blythe J. McGarvi, former CEO of LIF Group and former CFO of Hannaford Bros.
“Cineworld has a strong platform, and its brands – including Regal, Cinema City, Picturehouse, and Planet – are some of the most iconic in our industry. We are excited and energized by the bright future ahead of us and look forward to delivering a great guest experience to our valued customers, filled with high-quality entertainment and fun,” Foss said.
The U.K.-based Cineworld filed for bankruptcy in a Texas district court in April, following a rough couple of years primarily caused by the COVID-19 pandemic. Read more here.
