Regal Cinemas Owner Cineworld’s Top Management to Receive $35 Million to Exit Company – Report

variety.com:

Naman Ramachandran The top management of multinational cinema chain Cineworld are to receive up to $35 million to exit the company as it emerges from Chapter 11 proceedings, according to a report.

The company’s creditors plan to take control of the company when the bankruptcy proceedings conclude in July, the Financial Times reported on Friday.

The lenders committed to pay CEO Mooky Greidinger, his brother and deputy chief executive Israel Greidinger, finance head Nisan Cohen and chief commercial officer Renana Teperberg between $30 million and $35 million in cash in the year following their exit, the Financial Times said, citing people familiar with the matter.

The payout is to “make the bankruptcy agreement more palatable,” the report added. Cineworld offered no comment when contacted by Variety.