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Cineworld creditors plan management shuffle amid takeover interest - Bloomberg News

Reuters
·1-min read
FILE PHOTO: FILE PHOTO: People walk past a Cineworld in Leicester's Square in London

(Reuters) - Creditors of British cinema operator Cineworld Group PLC are outlining plans for a new board and executive team after nine years under CEO Mooky Greidinger and his deputy Israel Greidinger, Bloomberg News reported on Monday.

The Greidinger brothers are set to be replaced, but creditors have considered providing them compensation and a transitional role during the handover period, the report added, citing people familiar with the matter.

Cineworld declined to comment on the report.

Earlier in the day, Sky News reported that private equity firm CVC Capital Partners had proposed a takeover of parts of Cineworld, within days of a similar offer from activist investor Elliott Management.

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Cineworld said in February it may emerge from Chapter 11 bankruptcy protection in the first half of this year.

Mooky Greidinger was fined 23,000 pounds ($28,227.90) and handed a six-month suspended prison sentence by an Israeli court in December over the breach of a merger agreement from 2010.

($1 = 0.8148 pounds)

(Reporting by Rishabh Jaiswal and Sinchita Mitra in Bengaluru; Editing by Devika Syamnath)