Knoxville, Tenn.-based Regal, said it’s completed a $250 million capital raise to improve and digitally enhance its theaters as the box office rebounds. Construction has started with over 30 locations to be completed in 2025. The upbeat news comes as Regal’s parent Cineworld, which emerged from bankruptcy last summer, is facing the tough decision of
Cineworld
After emerging from bankruptcy in the U.S. last summer, Regal parent Cineworld is exploring options for its UK business which could include a potential sale or restructuring, Sky News reported over the weekend. According to the report, the world’s second largest cinema operator has enlisted AlixPartners, which helped its lenders navigate bankrupcty, as consultant and
Cineworld Group, the world’s second largest theater circuit, said today it’s completed its executive team following the 2023 appointment of CEO Eduardo Acuna after the company emerged from bankruptcy. Thomas Song of Dine Brands and Aimbridge Hospitality joined as CFO last December. Since then, Cineworld has tapped former Warner Bros. Discovery executive Ben Hill as
Eduardo Acuna, who’s kept a low profile since taking the top job at Cineworld last summer, took a bow in NYC this week to showcase the world’s largest 4DX auditorium at the renovated Regal Times Square. The exhibitor partnered with CJ 4DPLEX, a cinema tech innovator of cutting-edge formats like this one that uses immersive
Cineworld has named Thomas Song its chief financial officer overseeing the group’s finance and accounting management and with a leadership role in the company’s strategic planning and analytics. “After an extensive search, we are proud to announce Tom Song as our new CFO,” said Eduardo Acuna, the CEO of Cineworld. He was named earlier this
Imax CEO Rich Gelfond turned a media conference Q&A back on the host today, grilling a Goldman Sachs analyst about the firm’s two-year ‘sell’ rating on the stock when, he said, much of the Street has a ‘buy’. The two were discussing Gelfond’s $1.1 billion box office projection for Imax, made earlier this year,
Regal parent Cineworld has officially emerged from bankruptcy, unveiling five new board members and a strengthened balance sheet. The chain, which was flattened by Covid and high debt, filed for Chapter 11 in the Southern District of Texas last September. It exits today having reduced that debt by about $4.53 billion and raised $800 million
UPDATED, 07:30 a.m.: Cineworld Group has officially entered administration, following an application at the High Court in London. The administration order applies only to Cineworld Group and not to any of its operating companies or subsidiaries such as Regal Cinemas in the U.S. or Picturehouse Cinemas in the UK. Following last week’s announcement, Cineworld also
CEO Adam Aron said a court ruling Friday that makes it harder for AMC Entertainment to raise cash has serious implications for the circuit’s financial stability — a blowout ‘Barbenheimer’ weekend at the box office and surging share price notwithstanding. “AMC must be in a position to raise equity capital. I repeat, to protect AMC’s
As Regal parent Cineworld prepares to exit Chapter 11 this month, rumors are heating up over who will emerge as the giant theater chain’s new chief executive, with reports Monday pointing to Eduardo Acuna of Cinepolis. Longtime Cineworld CEO Moody Greidinger has a consulting contract during a transition period but isn’t likely to stay in
A bankruptcy court judge today gave a green light to a reorganization plan for Regal parent Cineworld, the key step needed for the giant movie theater chain to emerge from bankruptcy next month. At a hearing, in an order from the bench, Judge Marvin Isgur of U.S. District Court for the Southern District of Texas
Cineworld said on Monday that as part of its proposed restructuring following Chapter 11, it expects to file for administration of its listed entity Cineworld plc in the UK but that its operating companies will continue business as usual without interruption. Administration in the UK is an insolvency process, similar to a bankruptcy process. The world’s second biggest
A week of studio presentations and discussions, as well as chatter in the halls, at the CineEurope exhibition conference in Barcelona provided some interesting takeaways about the state of cinema and its future. The mood was generally optimistic, but concerns, and room for improvement, remain. Main talking points included the need for movie theater operators
In-theater advertising firm National CineMedia announced a special shareholders meeting to vote on a reverse stock split — a move that boosts the price of a company’s shares — as it risks being delisted by the Nasdaq market and works through a voluntary Chapter 11 reorganization. The company, which was founded and is largely owned
Executives of Regal parent Cineworld, led by CEO Mooky Greidinger, have agreed to a payout in the $30 million range, Deadline has confirmed, in the event that they leave leave the company as it prepares to exit Chapter 11. Documents filed earlier this year during ongoing bankruptcy proceedings in the Southern District of Texas indicated
UK-based global theater chain and parent of Regal Cinemas said overnight it expects to emerge from Chapter 11 in July. The news comes as nearly 100% of its legacy lenders agreed to an amended and restated restructuring agreement and backstop that have been months in the making. There had been some holdouts. The giant exhibitor
Mooky Greidinger, chief executive of Regal parent Cineworld, of the world’s two biggest chains and currently in the process of emerging from bankruptcy, made an appearance on the Cinemacon stage today saluting Regal employees and giving a shout-out to Lionsgate and Hunger Games. At the last studio presentation of the week, Lionsgate rolled out the
Regal parent Cineworld has decided to terminate the marketing process for its businesses outside of the U.S., UK and Ireland. Although it received offers from “a number of prospective counterparties,” the proposals “did not meet the value level required by the group’s lenders,” the exhibition giant said today. The so-called “rest of world” businesses include
Regal took a beat from closing theaters, announcing today it’s entered a lease agreement with Onni Group to operate the former ArcLight theatre at The Paseo in Pasadena. The 14-screen theater was shuttered by Covid in March of 2020 and never returned to business. Regal will be announcing details soon including promotional offers and an official opening
The nation’s biggest movie theater advertising network National CineMedia said tonight it’s filed a voluntary Chapter 11 petition in U.S. District Court in the Southern District of Texas – where one of its biggest shareholders and customers, Regal parent Cineworld, has just presented a restructuring plan to emerge from bankruptcy itself. Cineworld filed in
Further to its April 3 announcement that it had reached a conditional agreement with lenders to emerge from Chapter 11, Regal owner Cineworld today submitted its reorganization plan to the U.S. Bankruptcy Court for the Southern District of Texas. In a filing to the London Stock Exchange where its shares are traded, the exhibition giant
Regal owner Cineworld has entered into a restructuring support agreement and a backstop commitment agreement with lenders that will, if approved, see it emerge from bankruptcy. The exhibition giant also noted today that it has received non-binding proposals for some or all of the group’s assets but determined that absent an all-cash bid significantly in
National CineMedia said today it’s negotiated a second extension of the grace period on interest payments originally due Feb. 15. A one-month grace period for a payment said to be about $6.6 million ended March 15, when the company announced lenders had agreed to another 17 days. Big ratings agencies Moody’s and S&P Global declared
An attorney for bankrupt movie theater chain Cineworld said today it has “several” interested parties eyeing its business in “rest of world” — meaning Europe outside the UK, and Israel — but nothing pending for the entire company, or, it seems for Regal in the U.S. Final bids are due April 10, said Joshua Sussberg
Bankrupt Regal parent Cineworld said it had multiple bids for all or some of its assets in initial expressions of interest due last week. Its business includes Regal in the U.S.; Cineworld and Picturehouse in the U.K. and Ireland; and “rest of world” cinemas in Central and Eastern Europe, and Israel. Cineworld attorney Joshua Sussberg
National CineMedia is suing Regal Cinemas, one of its founding partners, for hiding behind Chapter 11 to cancel a longstanding and legally binding contract – a twist in the bankruptcy saga of Regal parent Cineworld. Regal created National CineMedia with AMC and Cinemark in 2007 to provide in-theater advertising in and it still owns a
Rian Johnson’s murder-mystery sequel Glass Onion: A Knives Out Mystery will receive a theatrical UK release after Netflix struck deals with Vue International and Cineworld. The film will screen at select Vue and Cineworld cinemas across the UK between November 23-29 before hitting the streamer on December 23. Discussions are ongoing for the film to
UPDATED with quotes from AMC & Cineworld CEOs: This is a big deal: For the first time, all three big exhibitors are on board with releasing a major Netflix title — that being the Rian Johnson-directed sequel Glass Onion: A Knives Out Mystery, the franchise that the streamer snapped up for nearly $400M as Deadline
No surprise here, but we hear Regal has shuttered 12 of its 542 multiplexes as parent company Cineworld remains in Chapter 11 bankruptcy. Those 12 include Anaheim Hills 14, Calabasas Stadium 6, Westpark 8 in the Los Angeles market; Crow Canyon Stadium 6 in the San Francisco area, the Broadway Faire in Fresno, CA; Richland
Ailing exhibition giant Cineworld Group, which is currently finalizing a reorganization plan having filed for Chapter 11 bankruptcy in the U.S. earlier this month, has released encouraging interim results for the six months to June 30, 2022. Overall revenue rose to $1.5b against $292.8m in the same period in 2021, for a gross profit of