. It also made a pre-pandemic $2.1 billion takeover offer for Canada's Cineplex but abandoned the deal in June 2020. filing for Chapter 11"This has been a challenging period for Cineworld due to the unprecedented impact of the COVID‐19 pandemic on our business and its lagging and continuing disruption to film schedules," Greidinger said in a statement alongsideThe rise of streaming has also contributed to more people shunning theaters.
Greidinger's brother and deputy chief executive Israel Greidinger, chief financial officer Nisan Cohen, and chief commercial officer Renana Teperberg will all receive a slice of the $35 million, the source said. The Greidinger family trust owned about a fifth of Cineworld, but a stake once valued in the hundreds of millions of dollars is now virtually worthless given the collapse in the company's share price.
Another source told the Financial Times the expected departure of the Greidingers was still a form of"comeuppance" despite the payout. A representative for Cineworld and Greidinger declined to comment.Subscribe to push notifications
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Source: Variety - 🏆 108. / 63 Read more »