Strapped Indie Producer Village Roadshow Files For Bankruptcy
deadline.comVillage Roadshow Entertainment Group, the troubled indie producer and financier of The Matrix, Joker franchises and more, filed for Chapter 11 in a Delaware court, citing ongoing arbitration with long-time partner Warner Bros.
as well as an overly ambitious studio expansion. The company said it slashed costs to save and also tried to sell itself as a whole last year but uncertainty surrounding the pending arbitration, ongoing for three years now, made that impossible, forcing it to file for bankruptcy.
It said it has a so-called stalking horse bid of $365 million for its library and a DIP (debtor-in-possession) facility to fund operations while under court supervision.
A stalking horse bid sets a minimum price for an asset. The library assets generate revenue of approximately $50 million per year, it said.
Read more on deadline.com
