Troubled Cineworld appoints Eduardo Acuna as new boss
Troubled Cineworld appoints Eduardo Acuna as its new boss as it prepares for bankruptcy
Cinema chain Cineworld has said its backers have appointed Eduardo Acuna as CEO as it prepares for bankruptcy.
He will work with chairman Eric Foss as part of a team hired by lenders.
Cineworld filed for Chapter 11 bankruptcy in the US last year after it was weighed down by massive debts.
Collapse: Cineworld – which is burdened with debt – hopes movies like Barbie, starring Margot Robbie (pictured), will help it out of trouble
It plans to restructure its £3.8 billion mountain of debt to get it out of bankruptcy this month, and hopes are high that movies like Barbie, starring Margot Robbie, will help it out of trouble.
Acuna replaces Mooky Greidinger at the helm.
Greidinger and his management team are reportedly getting between £23m and £26.8m as a ‘golden farewell’.
Cineworld’s UK operations will go into receivership this month and shares will be suspended.
This has no impact on business – the 128 cinemas in the UK and Ireland will remain open.