Monday, May 20, 2024

Cineworld Eyes Cinepolis Chief Eduardo Acuna for CEO – Report – Deadline

As Regal’s parent company Cineworld prepares to exit Chapter 11 this month, rumors are heating up about who will emerge as the giant theater chain’s new chief executive, with reports Monday pointing to Cinepolis’ Eduardo Acuna.

Cineworld’s longtime CEO Moody Greidinger has a consulting contract during a transition period but is unlikely to stay in the top job. Speculation over potential candidates escalated during the CineEurope trade show and Deadline understands that the new owners – who are now lenders to Cineworld – have contacted the heads of a number of global exhibitors. Sky News reported today that Cinepolis’ Acuna is one.

Other industry players have heard there has been contact with former Regal executives.

Amy Miles and Gregg Dunn were CEO and COO, respectively, of the company until 2018, when Cineworld acquired the Knoxville, TN-based chain. Mike Campbell was the CEO before.

Cineworld filed for bankruptcy in US District Court last September in the Southern District of Texas, where Judge Marvin Isgur approved a restructuring plan last week. The restructuring will erase $4.53 billion in debt and requires rights that provide gross proceeds of $800 million and $1.46 billion in new debt financing. A new board will be led by chairman Eric Foss, former CEO of Pepsi and later chief executive of food services company Aramark.

The shares will be delisted from the London Stock Exchange.

Greidinger, his brother and deputy chief executive Israel Greidinger and two other members of their executive team have been retained to help during a transition.

Cineworld, the world’s second-biggest exhibitor, racked up significant debt from a string of acquisitions, including Regal, and was ultimately unable to weather the hit from Covid, which closed cinemas and a slow ticket recovery.

Nancy Tartaglione contributed to this report

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