Cineworld has emerged from bankruptcy and added Ann Sarnoff, the former boss of WarnerMedia Studios, to its board.
After filing for bankruptcy in the US last September, the embattled cinema chain has come out the other side having slashed its debt pile.
The firm said today that the ‘New Cineworld’ has cut its debt by $4.35bn (£3.4bn), secured $1.71bn (£1.34bn) of new debt financing and raised $800m (£626m) in new capital.
The world’s second largest cinema chain has also recruited a clean slate of management.
Sarnoff, who left WarnerMedia in 2022 during its tie up with Discovery, joins a whole new cast of board members led by chair Eric Foss and chief executive Eduardo Acuna.
Cineworld said Sarnoff’s industry expertise and connections will be “invaluable” as it strengthens its ties with studios and content suppliers.
Foss praised the transformation of the company, which was badly damaged by the Covid-19 pandemic.
“We are excited and energised by the bright future ahead of us and look forward to delivering a great guest experience to our valued customers, filled with high-quality entertainment and fun,” Foss said.