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Village Roadshow Entertainment Group, the film production company behind franchises such as The Matrix, Ocean’s and The Joker, has requested bankruptcy protection in the United States, according to a presentation before a court in Delaware.
The firm has blamed its financial problems in a legal battle with its former partner Warner Bros (WB) and a “failed and expensive effort” in the production of independent movies and television series.
In an attempt to mitigate some of its financial problems, Village Roadshow proposes to sell its extensive film library for $ 365 million (£ 281 million).
The company’s debts are estimated between $ 500 million and $ 1 billion, according to judicial documents.
Village Roadshow and WB produced and copdoduan dozens of films over the years, but their relationship was looked into at the beginning of 2022 after the launch of the last Matrix film, the Matrix resurrections, on the HBO Max Transmission Platform.
Village Roadshow alleged that WB had closed him from his rights to any sequelae and prequels of the films in which the two companies had previously worked together.
“The WB arbitration has caused the company to incur more than $ 18 million in legal fees, almost everyone not paid,” said Restructuring Director Keith Maib in a judicial presentation.
That legal battle, according to Mr. Maib, “irreparably decimated the employment relationship” between the two companies, finally ending “the most lucrative link” for the historical success of Village Roadshow.
The other theme facing Village Roadshow was an expensive study business launched in 2018. None of the films or television series produced independently as part of that effort offered profits.
Like other cinematographic companies in the USA. UU., Village Roadshow also fought with a fall in the demand of the pandemic and the interruption of the strike of Hollywood actors and writers, which began in May 2023.
In December, the Guild of writers of America prohibited its members from working with Village Roadshow for the supposed breach of the company to pay its taxpayers.
