Cinepolis executive Eduardo Acuna has been chosen as a possible new CEO of Cineworld Group as it emerges from bankruptcy as a restructured entity. According to reports, Cineworld’s lenders have proposed Acuna as the person to take over for current CEO Moshe “Mooky” Greidinger – as part of its lender-backed reorganization involving $4 billion of debt being written off and $800 million of fresh equity injected – with former Pepsi chair Eric Foss as its new chairman – as part of its restructuring effort.
World’s second-largest exhibitor filed for bankruptcy protection in September and is scheduled to return to markets this month as a restructured entity. Their plan, approved by a U.S. court overseeing their case, involves the release of $4.53 billion of debt, raising gross proceeds of $800 million via rights offering and offering $1.46 billion new debt financing – these factors were approved by court as approved plans by court overseeing case.
Reuters reports that shares in the company rose 11% on Thursday following the news, yet remain over 99% below their all-time high of 310.7 pence reached in 2017.
Sky News reports that Acuna has been approached about taking on this role for some time and is an experienced Cinepolis executive responsible for operations in 11 countries since 2005. He received ShowEast’s International Exhibitor of the Year award in 2014. As CEO, his or her role will include strengthening Cinepolis’ brand while improving customer experiences through restaurants which have become increasingly important among moviegoers.
At its flagship iPic theater in New York City, the company offers larger seats with more comfortable leather chairs than traditional cinemas as well as gourmet food options and gourmet beer and wine sales – this could help the company compete with AMC, who recently petitioned to allow alcohol sales at some locations.
No company can compete effectively against its theater offerings without being able to attract and retain top talent, but fortunately the company appears to be making strides in that department; employees rate its culture positively on Comparably; its Future Outlook, Job Satisfaction, and Being Excited About Coming to Work are some of the highest in its industry. Employees also rate their onboarding experience highly with 100% of respondents saying they felt prepared for their first day on the job!
