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Eric Cummins has been promoted from CFO to CEO of Deluxe Entertainment Services Group as it emerges from a prepackaged bankruptcy.
Cummins will succeed current CEO John Wallace, who is set to retire from the Hollywood production services provider after nearly 35 years in the media and entertainment industry.
“I couldn’t be more excited to take on this role, and I look forward to carrying on Deluxe’s reputation of delivering for clients as we continue to build a technology platform that enables media and entertainment companies to create and deliver content globally,” Cummins said Wednesday in a statement.
In September, Deluxe’s lenders agreed to a debt-for-stock swap, leading to the prepackaged bankruptcy and a successful emergence from Chapter 11 reorganization. As part of that restructuring, Deluxe shed around 75 percent of its debt and obtained $115 million in new financing.
Following the Chapter 11 process, Deluxe’s lenders have control of the firm, which also owns postproduction companies EFILM, Company 3 and Encore, as well as VFX house Method. Deluxe, which was founded in 1915 by William Fox, was acquired by billionaire Ron Perelman’s MacAndrews & Forbes holding company in 2006.
“With an optimized balance sheet and significantly less debt, Deluxe is well-positioned to carry on its unparalleled legacy, and we are pleased to appoint Eric as CEO,” Gregg Bresner, a member of Deluxe’s board of directors, said in his own statement.
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