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Cinepolis executive Eduardo Acuna considered for the top role at Cineworld

By Nagasunder in UK Business & Employment News, posted July 4, 2023

Eduardo Acuna, an executive at a prominent Mexican cinema operator, has emerged as a potential candidate to take a leadership position at Cineworld as the company prepares to navigate its way out of bankruptcy proceedings.

Sources reveal discussions have taken place with Eduardo Acuna, who currently oversees Cinepolis's operations in the Americas, regarding the possibility of him taking the reins at the British-based company.

The extent of Mr. Acuna's involvement in the selection process and the timeline for appointing a new leader, given Cineworld's consortium of lenders now in control, remain undisclosed as of Monday.

News of Mr. Acuna's potential candidacy arises shortly after Cineworld confirmed earlier reports by Sky News it was initiating the administration process for its London-listed holding company.

The incoming CEO will succeed Mooky Greidinger, one of the company's founders, who is anticipated to step down following its restructuring under a new holding company.

As part of the agreement reached with lenders, over $4.5 billion (£3.5 billion) of debt will be written off, while $800 million of fresh equity will be injected into the business, alongside an additional $1.46 billion (£1.2 billion) of raised debt to support the company.

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Furthermore, Eric Foss, a former executive at Pepsi, has been appointed as the new chairman.

Cineworld currently operates 128 locations across the UK, providing employment to thousands of individuals. The insolvency process for its holding company will not impact its British cinema operations.

When approached for comment on Monday, a spokesperson for Cineworld declined to provide any statements.

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