Cineworld emerged as expected from Chapter 11 bankruptcy protection on Monday (July 31) and named a new board of directors including former Warner Bros CEO Ann Sarnoff.
The move came after Friday’s suspension of the exhibitor’s shares on the London stock exchange and marks the completion of the beleaguered company’s financial restructuring.
Eric Foss, the previously announced chairperson of the new board, said in a statement that with “a transformed balance sheet and a right-sized capital structure, Cineworld is ready and fully able to succeed in this dynamic and constantly changing movie theatre industry.”
Foss added that the company “has a strong platform, and its brands – including Regal, Cinema City, Picturehouse and Planet – are some of the most iconic in our industry.”
Sarnoff was named Warner Bros’ first female CEO in 2019 but left last year as the studio prepared to merge with Discovery. She previously had senior positions at BBC Studios and Viacom.
Cineworld’s other new board members are Eduardo Acuna, the company’s recently appointed new CEO; Patrick J Bartels, of Redan Advisors LLC; Stephen Joyce, former CEO of Dine Brands Global; Stefano Malfitano, a principal at Cyrus Capital Partners; and Blythe J McGarvie, former CEO of LIF Group.
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