Cineworld CEO and top execs secure near $35 million exit payout

Cineworld’s CEO Mooky Greidinger and his top management team will be paid up to $35 million combined to leave the British cinema operator after it emerges from Chapter 11 proceedings next month, the Financial Times reported on Friday.

The lenders have committed to pay Greidinger, his brother and deputy CEO, Israel Greidinger, Chief Financial Officer Nisan Cohen and Chief Commercial Officer Renana Teperberg between $30 million and $35 million in cash within a year of their exit, the FT added, citing people familiar with the matter.

Cineworld declined to comment on the FT report.

Cineworld, the world’s second-largest movie theatre chain operator after AMC Entertainment, expects to emerge from bankruptcy protection in July, with its proposed debt restructuring securing the backing of most of its lenders, it had said in May.

The company had filed for bankruptcy protection in September hoping to restructure its massive debt. Reuters