As the company emerges from Chapter 11 proceedings next month, U.K.-based movie theater company Cineworld's executives are receiving a $35M payout. CEO Mooky Greidinger, deputy chief executive Israel Greidinger, finance head Nisan Cohen, and chief commercial officer Renana Teperberg will receive between $30M and $35M from lenders in the year following their exit from the company. Creditors are taking control of the world's second-largest movie theater chain and will look to install a fresh management team to turn the company around. - The Greidingers acquired Cineworld in 2014 and U.S.-based Regal Cinemas in 2018, transforming their family-owned Israeli cinema group into a global giant.
- But when the COVID-19 pandemic struck, it had to abandon its plan to take over Canadian rival Cineplex for $2.1B. After that, Cineworld had $8.8B in debt and lease liability, which ultimately became untenable.
- The Greidinger brothers stand to receive the majority of the cash payout. During bankruptcy negotiations, Mooky and Israel pushed to become shareholders in the new entity, but lenders refused.
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