(Bloomberg) -- Cineworld Group Plc’s lenders have begun a search for a new management team as they settle final details to bring the world’s second-largest movie theater chain out of bankruptcy.

The London-based group’s creditors are drawing up plans for a new board and executive team after nine years under Chief Executive Officer Mooky Greidinger and his brother, deputy CEO Israel Greidinger, according to people familiar with the matter, who asked not to be identified because the talks are private.

The Greidingers are likely to be replaced but lenders have discussed giving them compensation and a transitional role during a handover period, the people said. No final decisions have been made about Cineworld’s management going forward. The Greidinger family trust owned 20.1% of the company’s equity, but their ownership is expected to be wiped out by the bankruptcy. 

A new management team will have to navigate an industry that was decimated by Covid-19 shutdowns and a halt in movie production, which has led to a dearth of blockbusters to lure crowds back to theaters. The company is expected to emerge from bankruptcy by the beginning of June. 

A spokesman for Cineworld declined to comment. 

Advisers have also fielded interest for Cineworld’s business in eastern Europe and Israel, the people added. Hedge fund Elliott Investment Management is weighing a bid for those assets, according to a person familiar with the discussions. Bloomberg previously reported the company’s creditors had held talks about selling the division.

Elliott’s interest was first reported by Sky News. Sky also said that Cineworld was approached by private equity firm CVC Capital Partners about a potential takeover of some of its assets. 

Cineworld and Elliott declined to comment on the asset sale, while CVC didn’t immediately respond to requests for comment.

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