As Regal parent Cineworld prepares to exit Chapter 11 this month, rumors are heating up over who will emerge as the giant theater chain’s new chief executive, with reports Monday pointing to Eduardo Acuna of Cinepolis.
Longtime Cineworld CEO Moody Greidinger has a consulting contract during a transition period but isn’t likely to stay in the top job. Speculation on potential candidates escalated during the CineEurope trade show and Deadline understands that the new owners – who are now Cineworld lenders – have contacted the heads of a number of global exhibitors. Sky News reported today that Acuna of Cinepolis is one.
Other industry players have heard there’s been outreach to 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 CEO previously.
Cineworld filed for bankruptcy in U.S. District Court last September in the Southern District of Texas, where Judge Marvin Isgur approved a restructuring plan last week. The revamp will erase $4.53 billion in debt and calls for a rights offering to raise gross proceeds of $800 million, and for $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 stay on to help during a transition.
Cineworld, the second-biggest exhibitor in the world, racked up significant debt from a string of acquisitions including Regal, and in the end wasn’t able to weather the hit from Covid, which shuttered theaters, and the subsequent slow box office recovery.
Nancy Tartaglione contributed to this report