Village Roadshow Entertainment Group has applied for Chapter 11 Bankruptcy protection, Thewrap has learned.
The production company behind “The Matrix”, “Joker”, “Wonka” and “Ocean’s 8” Previously, Warner Bros. For breach of contract after their fellow producers dropped “The Matrix Resurrections” on max on the same day as its theater emissions, a detail that they repeated in their paper work.
“Historically enjoyed the company a productive co-production, co-financing and co-owning relationship with WB, which included production, ownership and derivative rights that flowed from 89 titles-to” matrix “-Franchisen-and included the vast majority of the debtors’ operations,” the documents submitted in the USA bank court
They continued, the “WB -Skiljeföretet has caused the company to incur more than $ 18,000,000 in legal fees, which almost all remain unpaid and presents the threat of a potential arbitration that can flatten the company’s balance sheet, but that is not the full extent of its impact.”
“Although WB dissemination is resolved, the company believes that it has irrevocably decimated the working relationship between WB and the company, which has been the most lucrative Nexusen for the company’s historical success in the entertainment industry,” added archiving. “While WB dissemination does not affect the debtors’ rights (including the rights to receive payments in connection with) or ownership in their most valuable assets, library assets, it has extinct the company’s potential income stream.”
Village Roadshow listed its assets that would be valued at $ 100 million $ 500 million, with CP Ventura LLC listed as a “persecutive horse” agent for the said assets to $ 365 million in addition to another interested party. At the same time, the company’s debts are listed as $ 500 million-1 billion.
Other remarkable films in the above 89 titles include “Ready Player One”, “Passenger”, “The Magnificent Seven”, 2016’s “Ghostbusters”, “Mad Max: Fury Road”, “Jupiter Ascending” and “American Sniper”, to name a few. Village Roadshow Pictures’ Upcoming Slate also includes sequels for “San Andreas”, “Sherlock Holmes”, “I AM Legend” and “Ready Player Two.”
The news will also come two months after former CEO Steve Mosko went out after a pay scandal with the authors’ guild and subsequent layoffs.
