Aug 27, 2022
Cineworld hopes to mount an escape thriller to rival Hollywood
During the coronavirus pandemic, chief executive Mooky Greidinger twice brought Cineworld back from the brink of bankruptcy, persuading his lenders into agreeing a rescue package. A former Cineworld executive told the FT that resorting to bankruptcy would be "a serious emotional blow" to Greidinger, and his brother Israel, who serves as deputy chief executive officer. The remaining Cineworld shareholders will be wiped out in the bankruptcy process. As Cineworld fights for survival, its executives, investors and industry rivals have been left to think about the wider lessons: did its breakneck expansion prove too risky, or are its problems symptomatic of an industry in terminal decline? "In a normal world, Cineworld would be heroes right now but because of the epidemic they got caught out" by their high levels of debt, said an executive at a rival operator.
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