Village Roadshow Entertainment Group, a film production company behind a franchise like Matrix, Ocean’s and The Joker, filed a request for bankruptcy protection in the United States, according to a submission with a court in Delaware.
The company blamed its financial trouble with its former partner Warner Bros (WB) and “Failed and Expensive Try” into the production of independent films and television series for legal battle.
In an effort to alleviate some of its financial problems, Village Roadshow suggests selling its extensive film libraries for $ 365 million (£ 281 million).
The company’s debts are estimated at between $ 500 and $ 1 billion, according to court documents.
Village Roadshow and WB produced and co -owned dozens of films over the years, but their relationship ordered in the early 2022 years after the release of the latest movie Matrix – The Matrix Resurections – on the Streaming HBO Max platform.
Village Roadshow reportedly excluded him from his rights to any sequels and prequels films where two companies had worked together earlier.
“The WB arbitration caused that the company has more than $ 18 million in legal fees, and almost all remain unpaid,” said the CEO of Restructuring Keith Maib in Court.
This legal battle, according to Mr. Maiba, “has an immensely decimated employment” between the two companies, ultimately ending the “most lucrative joint” for the historical success of Village Roadshow.
Another question faced by Village Roadshow was a set of study work launched in 2018. None of the films or television series independently produced as part of that endeavor has brought any profit.
Like other movie companies in the United States, Village Roadshow also struggled with the fall of pandemic demand and disorders from Hollywood actors and writers, who began in May 2023.
In December, the American Writers guild banned his members to work with Village Roadshow for the alleged failure of the company to pay his associates.
