Source: Cineworld

Cineworld Group has appointed Eduardo Acuna, current president of Cinépolis, as its new CEO.

Acuna will lead the new parent company of the group (NewCo), created as part of the restricting plan unveiled that saw the embattled exhibition giant file for bankruptcy in the UK in June. He will replace CEO Mooky Greidinger.

As previously announced, former Pepsi executive Eric Foss will become chairperson of the NewCo, which will become sole owner of the group when Cineworld and conclude their Chapter 11 cases, currently expected to take place in July.

Acuna joined Cinépolis Americas, the third-largest exhibition chain in the world, in 2005 and has been served as president since 2015.

“Eduardo is a seasoned executive with significant industry experience and a proven track record of driving growth and stakeholder value,” said Eric Foss. “I am confident that under Eduardo’s leadership, Cineworld is well positioned to reach new heights and continue to grow its global business and further enhance its cinemas for guests around the world.”

Cineworld filed for bankruptcy protection in the US in September last year after grappling with heavy debts and being hit hard by the Covid crisis and the growth of streaming platforms. Its debts were reported at $5.2bn in June 2022.

Once completed, the restructuring plan will allow the release of about $4.53bn of the group’s debt, a rights offering to raise $800m and the provision of $1.46bn in new debt financing, Cineworld said.

Cineworld, which owns brands including Regal, Cinema City, Picturehouse and Planet, said it will continue to operate its global business and cinemas as usual, including all existing customer membership programmes.