Exhibition company Cineworld has had its third amended Chapter 11 plan of reorganization confirmed by the United States Bankruptcy Court. The plan includes the creation of a newly incorporated company called “NewCo,” which will become the sole owner of Cineworld once it emerges from bankruptcy protection. Former Pepsi executive Eric Foss will lead the new board of directors for NewCo. Cineworld expects to complete the restructuring and emerge from Chapter 11 in July. The company’s CEO, Mooky Greidinger, stated that this milestone puts Cineworld in a strong financial position and allows them to focus on refining and growing their global business.
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