Cineworld names Mexican cinema pro as new chief as it steams ahead with plans to exit bankruptcy
Troubled cinema chain Cineworld has appointed the former president of Mexican cinema chain Cinépolis Americas as its new chief executive as it steams ahead with plans to emerge from bankruptcy.
Eduardo Acuna will join newly appointed chairman Eric Foss to work together under the newly incorporated parent company set up by the group’s lenders (‘Newco’), which will become the operator of Cineworld once the company emerges from Chapter 11 bankruptcy.
The decision was confirmed by the United States Bankruptcy Court in Texas in late June, with Cineworld planning to exit bankruptcy this July, following a tumultuous period for the entertainment operator.
Foss is then expected to become chairperson of the board of Newco alongside Acuna.
“I am confident that under Eduardo’s leadership, Cineworld is well positioned to reach new heights and continue to grow its global business and further enhance its cinemas for guests around the world,” Foss said.
Cineworld’s operations will not be impacted by the Newco stepping in.
The entertainment business has 103 sites in the UK, however has struggled in recent years after consumers fell out of love with visiting the cinema due to the pandemic and an uptick in streaming services.
Acuna said: “I am thrilled to have the opportunity to chart Cineworld’s new course, capitalise on its strong financial position and growth potential and continue to deliver groundbreaking cinema experiences for our guests.”
It comes as earlier this year Cineworld announced plans to sell either its UK and US operations or its rest-of-world operations, but both plans were eventually ditched.