Eduardo Acuna, who’s kept a low profile since taking the top job at Cineworld last summer, took a bow in NYC this week to showcase the world’s largest 4DX auditorium at the renovated Regal Times Square. The exhibitor partnered with CJ 4DPLEX, a cinema tech innovator of cutting-edge formats like this one that uses immersive
Cineworld
Cineworld has named Thomas Song its chief financial officer overseeing the group’s finance and accounting management and with a leadership role in the company’s strategic planning and analytics. “After an extensive search, we are proud to announce Tom Song as our new CFO,” said Eduardo Acuna, the CEO of Cineworld. He was named earlier this
Imax CEO Rich Gelfond turned a media conference Q&A back on the host today, grilling a Goldman Sachs analyst about the firm’s two-year ‘sell’ rating on the stock when, he said, much of the Street has a ‘buy’. The two were discussing Gelfond’s $1.1 billion box office projection for Imax, made earlier this year,
Regal parent Cineworld has officially emerged from bankruptcy, unveiling five new board members and a strengthened balance sheet. The chain, which was flattened by Covid and high debt, filed for Chapter 11 in the Southern District of Texas last September. It exits today having reduced that debt by about $4.53 billion and raised $800 million
UPDATED, 07:30 a.m.: Cineworld Group has officially entered administration, following an application at the High Court in London. The administration order applies only to Cineworld Group and not to any of its operating companies or subsidiaries such as Regal Cinemas in the U.S. or Picturehouse Cinemas in the UK. Following last week’s announcement, Cineworld also
CEO Adam Aron said a court ruling Friday that makes it harder for AMC Entertainment to raise cash has serious implications for the circuit’s financial stability — a blowout ‘Barbenheimer’ weekend at the box office and surging share price notwithstanding. “AMC must be in a position to raise equity capital. I repeat, to protect AMC’s
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
A bankruptcy court judge today gave a green light to a reorganization plan for Regal parent Cineworld, the key step needed for the giant movie theater chain to emerge from bankruptcy next month. At a hearing, in an order from the bench, Judge Marvin Isgur of U.S. District Court for the Southern District of Texas
Cineworld said on Monday that as part of its proposed restructuring following Chapter 11, it expects to file for administration of its listed entity Cineworld plc in the UK but that its operating companies will continue business as usual without interruption. Administration in the UK is an insolvency process, similar to a bankruptcy process. The world’s second biggest
A week of studio presentations and discussions, as well as chatter in the halls, at the CineEurope exhibition conference in Barcelona provided some interesting takeaways about the state of cinema and its future. The mood was generally optimistic, but concerns, and room for improvement, remain. Main talking points included the need for movie theater operators
In-theater advertising firm National CineMedia announced a special shareholders meeting to vote on a reverse stock split — a move that boosts the price of a company’s shares — as it risks being delisted by the Nasdaq market and works through a voluntary Chapter 11 reorganization. The company, which was founded and is largely owned
Executives of Regal parent Cineworld, led by CEO Mooky Greidinger, have agreed to a payout in the $30 million range, Deadline has confirmed, in the event that they leave leave the company as it prepares to exit Chapter 11. Documents filed earlier this year during ongoing bankruptcy proceedings in the Southern District of Texas indicated
Regal parent Cineworld has decided to terminate the marketing process for its businesses outside of the U.S., UK and Ireland. Although it received offers from “a number of prospective counterparties,” the proposals “did not meet the value level required by the group’s lenders,” the exhibition giant said today. The so-called “rest of world” businesses include
Regal took a beat from closing theaters, announcing today it’s entered a lease agreement with Onni Group to operate the former ArcLight theatre at The Paseo in Pasadena. The 14-screen theater was shuttered by Covid in March of 2020 and never returned to business. Regal will be announcing details soon including promotional offers and an official opening
The nation’s biggest movie theater advertising network National CineMedia said tonight it’s filed a voluntary Chapter 11 petition in U.S. District Court in the Southern District of Texas – where one of its biggest shareholders and customers, Regal parent Cineworld, has just presented a restructuring plan to emerge from bankruptcy itself. Cineworld filed in
Further to its April 3 announcement that it had reached a conditional agreement with lenders to emerge from Chapter 11, Regal owner Cineworld today submitted its reorganization plan to the U.S. Bankruptcy Court for the Southern District of Texas. In a filing to the London Stock Exchange where its shares are traded, the exhibition giant
Regal owner Cineworld has entered into a restructuring support agreement and a backstop commitment agreement with lenders that will, if approved, see it emerge from bankruptcy. The exhibition giant also noted today that it has received non-binding proposals for some or all of the group’s assets but determined that absent an all-cash bid significantly in
National CineMedia said today it’s negotiated a second extension of the grace period on interest payments originally due Feb. 15. A one-month grace period for a payment said to be about $6.6 million ended March 15, when the company announced lenders had agreed to another 17 days. Big ratings agencies Moody’s and S&P Global declared
An attorney for bankrupt movie theater chain Cineworld said today it has “several” interested parties eyeing its business in “rest of world” — meaning Europe outside the UK, and Israel — but nothing pending for the entire company, or, it seems for Regal in the U.S. Final bids are due April 10, said Joshua Sussberg
Bankrupt Regal parent Cineworld said it had multiple bids for all or some of its assets in initial expressions of interest due last week. Its business includes Regal in the U.S.; Cineworld and Picturehouse in the UK and Ireland; and “rest of world” cinemas in Central and Eastern Europe, and Israel. Cineworld attorney Joshua Sussberg
Counsel for bankrupt Cineworld said today the Regal parent has received the outline of a restructuring plan from lenders, a blueprint that would take it out of bankruptcy, although it’s also still pursuing a possible sale of assets. At a hearing at bankruptcy court in the Southern District of Texas, Cineworld attorney Joshua Sussberg said
Regal parent Cineworld said it’s opted to pursue a sale of assets and the process “is well under way” with non-binding bids due February 16. The company said in a bankruptcy filing this week that it’s reached out to 30 “potential transaction parties” including many competitors. If the debtors (Cineworld and its affiliates) find one
Regal parent Cineworld is rejecting the leases of three dozen more theaters as part of its ongoing bankruptcy proceeding, including some major locations. In filings this week, the theater chain requested, and was granted by a bankruptcy court judge, the right to walk away from nearly 40 unexpired leases including at Union Square in New
Judge Marvin Isgur on Wednesday told parties to the Cineworld bankruptcy that they need to speed things up as debtors and creditors hash out a restructuring plan for the giant movie chain, including closing theaters, wrapping up lease negotiations with landlords, and advancing an overall sale process. “We are not going to stick around forever.
Exhibition giant Cineworld, which filed for Chapter 11 bankruptcy in the U.S. last September, has said it will not sell off any of its assets individually, and has clarified that neither it nor its advisors have participated in discussions with AMC regarding the sale of any of its cinemas. This comes about two weeks after
The nation’s biggest cinema advertising network National CineMedia saw revenue rise and losses narrow last quarter as executives cited brisk sales of movie theater ads and insisted that it’s business as usual fo now, even as part owner and major client Regal is swept up in bankruptcy. “From our perspective, nothing has changed on a
Publicly-traded in-theater advertising network National CineMedia may be delisted from the Nasdaq stock market if its share price doesn’t perk up. An SEC filing said the company has received written notice from Nasdaq that it’s not in compliance with the $1 minimum bid price required for listing and has 180 days or risks being booted
National CineMedia is suing Regal Cinemas, one of its founding partners, for hiding behind Chapter 11 to cancel a longstanding and legally binding contract – a twist in the bankruptcy saga of Regal parent Cineworld. Regal created National CineMedia with AMC and Cinemark in 2007 to provide in-theater advertising in and it still owns a
Rian Johnson’s murder-mystery sequel Glass Onion: A Knives Out Mystery will receive a theatrical UK release after Netflix struck deals with Vue International and Cineworld. The film will screen at select Vue and Cineworld cinemas across the UK between November 23-29 before hitting the streamer on December 23. Discussions are ongoing for the film to
UPDATED with quotes from AMC & Cineworld CEOs: This is a big deal: For the first time, all three big exhibitors are on board with releasing a major Netflix title — that being the Rian Johnson-directed sequel Glass Onion: A Knives Out Mystery, the franchise that the streamer snapped up for nearly $400M as Deadline