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Village Roadshow Entertainment Group, a manufacturing company that deals with franchises such as Matrix, Ocean’s and The Joker, has applied for bankruptcy defense in the US, said the Delaware Court.
The firm has accused its financial problems in a legal battle with its former Warner Bros (WB) partner and “unsuccessful and expensive start” in the production of independent films and television series.
In an attempt to mitigate some of its financial problems, Village Roadshow offers to sell its extensive movie library for $ 365 million (281 million pounds).
According to the court, the company’s debt ranges from $ 500 to $ 1 billion.
Village Roadshow and WB have produced and jointly rule dozens of movies for many years, but their relationship was passed in the early 2022 after the release of the last movie “Matrix” – “Matrix” – on the HBO Max Stream Platform.
Verbl -Radzhaw, presumably WB turned it off from the rights to any sequel and the precipitation of the films, which two companies worked together.
“The SB arbitration has forced the campaign to bring more than $ 18 million for court fees, almost all of which remain unpaid,” said Keith Maeb, Chief Restructuring Director.
According to Maba, this legal battle “irreparably reduced working relationships” between two companies, eventually ending with the most profitable Nexus for the historical success of the Roadshow village.
The second issue faced by Village Roadshow was an expensive studio business launched in 2018. None of the films and television series is made on its own as part of this endeavor.
Like other film companies in the United States, Village Roadshow also fought with the downturns of the pandemic and violations of Hollywood actors and writers who began in May 2023.
In December, the Writers’ Guild banned its members to work with Village Roadshow about the company’s refusal to pay their participants.
