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Cinepolis exec seen as CEO candidate for Cineworld – Sky News
Global Banking & Finance Review®
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(Reuters) – Cineworld Group 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.
(Reuters) – Cineworld Group 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 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)
Bankruptcy is a legal process through which individuals or businesses that cannot repay their debts can seek relief from some or all of their debts. It provides a way for debtors to reorganize or liquidate their assets.
Debt restructuring involves reorganizing the terms of an existing debt to provide relief to the borrower. This can include extending the payment period, reducing the interest rate, or changing the repayment schedule.
Chapter 11 is a section of the U.S. Bankruptcy Code that allows businesses to reorganize their debts while continuing to operate. It provides a framework for the company to return to profitability.
A compensation package refers to the total remuneration provided to an employee, which may include salary, bonuses, benefits, and other perks. It is designed to attract and retain talent.
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