Stella David, who sits on the board of Ladbrokes-owner Entain, will be named this week as the chairman of Vue International, Britain's third-biggest cinema operator, Sky News understands.
The cinema chain Vue International will this week name a former Bacardi-Martini executive as its new chair, as it nears the end of a complex financial restructuring.
Sky News understands that Stella David, who holds boardroom roles at companies including Entain, the owner of Ladbrokes, and Domino's Pizza Group, has agreed to replace Robbie Barr as Vue's chairman.Ms David has had an extensive career in consumer-facing businesses, and will join Vue as it completes a debt-for-equity swap designed to place it on a sustainable long-term financial footing.
The debt-for-equity swap has seen Vue's lenders take ownership of the company, with the Alberta Investment Management Corporation and Omers, the Canadian pension funds, relinquishing their shareholdings.Cineworld, Vue's London-listed rival, has filed for Chapter 11 bankruptcy protection and has begun a sale process for its assets.
Vue has been linked with a possible bid for parts of Cineworld, although it has declined to comment on any interest. Ms David said:"Over the past 18 months we've seen huge pent up demand for the cinema experience and - with lots of fantastic films set for release later this year - it's a pivotal moment for the industry."It remains unclear how long Vue's new owners - its current lenders - will seek to retain control before selling or floating the company.
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