Former WarnerMedia Studios and Networks Group chair and CEO Ann Sarnoff has joined the board of directors of Cineworld as the group emerges from Chapter 11 cases. Cineworld Group and its subsidiari…
commenced Chapter 11 cases
in the United States Bankruptcy Court in September 2022. On Aug. 1, 2023, the group, which operates the Regal cinemas chain in the U.S., said they have successfully completed their financial restructuring process and have emerged from their Chapter 11 cases. While existing shareholders are largely wiped out, the restructuring moves include an $800 million rights issue, the release of some $4.35 billion of the group’s funded indebtedness and the provision of $1.71 billion of new debt financing.
Other appointees to the board of directors include Patrick J. Bartels, the managing member of Redan Advisors LLC; Stephen Joyce, the former CEO of Dine Brands Global, the franchisor of IHOP and Applebee’s Grill + Bar, as well as a former executive at Marriott International; Stefano Malfitano, a principal at Cyrus Capital Partners; and Blythe J. McGarvie, the former CEO of LIF Group and former CFO of Hannaford Bros., a Fortune 500 company.
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