Eric Foss Selected as Chairman as Part of Cineworld Chapter 11 Reorganization Plan

Photo credit: Matt Crossick/PA Wire, courtesy Cineworld

Cineworld, the second-largest exhibitor in the world and parent company of U.S. exhibitor Regal, has had their financial reorganization plan confirmed by the United States Bankruptcy Court for the Southern District of Texas, Houston Division—paving the way for the exhibitor to emerge from Chapter 11 bankruptcy with a new Chairman of the Board at the helm.

Under the plan, a newly incorporated company become the sole owner of Cineworld Group once that company emerges from Chapter 11. A supplement to the plan filed yesterday announced that Eric Foss—formerly Chairman and CEO of food service, facilities and uniform service provider Aramark; CEO of Pepsi Beverages Company; and Chairman and CEO of The Pepsi Bottling Group—will join NewCo’s Board as chairman. Selection of additional board members is ongoing.

“The confirmation of our plan of reorganisation is a significant milestone as Cineworld moves towards emerging from this process in a strong financial position and with a more resilient capital structure,” said Cineworld CEO Mooky Greidinger. “I want to thank our incredible employees as well as our customers, vendors, lenders, and other stakeholders who supported us throughout this process. Cineworld remains focused on refining and growing our global business and cinemas for our guests around the world and delivering the most immersive and cutting-edge cinema experiences that make us the ‘Best Place to Watch a Movie.'”

Cineworld plans to emerge from Chapter 11 bankruptcy in July of this year.

Photo credit: Matt Crossick/PA Wire, courtesy Cineworld
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