Village Roadshow Entertainment Group, known for producing The Matrix and Joker, filed for Chapter 11 bankruptcy. The company cited a prolonged arbitration with Warner Bros and an unsuccessful studio expansion as reasons for the filing. They have a stalking horse bid of $365 million for their film library, which generates about $50 million annually. Village Roadshow also secured a debtor-in-possession facility to fund operations during bankruptcy. The company has over $163 million in senior secured debt. The arbitration with Warner Bros has cost more than $18 million in legal fees, with most remaining unpaid. Village Roadshow attempted to sell itself last year but was hindered by the arbitration uncertainty. The company spent approximately $47.5 million on development projects that were either unproduced or unprofitable. Their output included six movies, five unscripted TV programs, and two scripted series.
Polygon ※
@0xPolygon
·
Dec 23, 2024 GM from our fiery friend
Reminder that this gem is onchain and still up for auction for the next 17 days.
Current bid: $160,000
https://courtyard.io/auctions/premium-auction-25w2/all-lots…
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