![]() ![]() ![]() ![]() One Hollywood studio source says he “got greedy”, adding: “Even if that judgement was cut in half, it’s still $500m that he doesn’t have.” Chapter 11Ī Chapter 11 bankruptcy filing in the US does not necessarily mean a quick sale and liquidation, although that can be an outcome. Some have argued the Cineworld CEO went too far in his pursuit of the Canadian giant after having bought Regal. The Canadian appellate courts are expected to start hearing the case in October. Greidinger is appealing the ruling and said his company acted properly in its dealings with Cineplex. On top of that the company has debts accrued during a punishing pandemic when sites went dark for many months, as well as the prospect of a $965m (CAD $1.2bn) payout ordered by an Ontario judge last December after Canadian exhibition leader Cineplex successfully sued Cineworld for pulling out of a merger. In August the company said admissions had fallen short of expectations, casting a shadow over liquidity. Mooky Greidinger, the feisty CEO of the company whose debt load and lease liabilities run close to $9bn, has been huddling with his top lieutenants to find a way out of a nightmare confluence of events.Īs with theatre chains everywhere, Cineworld executives are dreading a lull in post-summer cinema-going until Black Adam and Wakanda Forever arrive in October and November, respectively. UPDATE: As Cineworld files for Chapter 11 bankruptcy protection in the US, the financial woes of the world’s second largest exhibitor place a huge question mark over the future of Regal Cinemas, its US subsidy that operates more than 500 venues and 7,000 screens across the country. Source: John Nacion/NurPhoto/Shutterstock ![]()
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