Cineworld Group has reportedly emerged from Chapter 11 bankruptcy after nearly a year, coming out with lower debt, a new management team and new board members. Cineworld has appointed former Warner Bros chair and CEO Ann Sarnoff to its board, along with four other members to join new chairman Eric Foss and CEO Eduardo Acuna.
The new Cineworld has fixed its balance sheet after cutting debt by $4.53 billion, raising about $800 million in new equity capital and securing new debt financing of about $1.71 billion, the company said.
"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 in a statement.
The movie chain operator and owner of brands such as Regal, Cinema City, Picturehouse and Planet had filed for U.S. bankruptcy in early September to restructure its massive debt.
Shareholders have been wiped out as part of the financial restructuring, with a new, incorporated company controlled by lenders now controlling Cineworld.
“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.