Los Angeles (EFE) .- Village Roadshow Entertainment, the producer who supported cinematographic successes such as the ‘Matrix’ trilogy or the ‘Joker’ franchise, has declared himself in bankruptcy in the United States in the middle of a legal battle with Warner Bros. studies for breach of contract.
The Company presented a brief on Monday before a delaware court to benefit from chapter 11 of the country’s bankruptcy law, a process that allows companies to reorganize their finances without having to resort to the liquidation of their assets.
“The final objective of the company in these cases under chapter 11 is to maximize the value of its assets for the benefit of its creditors and other interested parties,” the company said in a judicial document.
If the Court grants it, “the possibilities of the debtors to achieve their main objective of maximizing the value for their creditors and interested parties through the sale will be substantially improved,” concluded the letter presented to the authorities.
The company behind acclaimed films such as ‘Ocean’s Eleven’ or ‘Wonka’ attributes its economic deterioration to the legal lawsuit against Warner Bros., which he demanded in February 2022 for released ‘The Matrix Resurrections’ in HBO Max the same day he debuted on the big screen, breaking with the stipulated contract.
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The arbitration of Warner Bros. “has frustrated the most profitable business line of the company”, in addition to the expensive and failed project “of creation and production of independent films and television series with and without script, which was never profitable,” said the letter.
Before this process in which both have been involved, “the company enjoyed a lucrative and recognized co -production and co -financing relationship with Warner Bros. Entertainment Inc. and its subsidiaries,” says the writing of Village Roadshow Entertainment.
But the study of the study “has caused the company to incur more than 18,000,000 dollars in legal fees, almost everyone still pays,” he added.
Since its foundation in 1997, Village Roadshow has co -produced and co -financed more than 100 films that have generated more than 19,000 million dollars in box office revenues worldwide.
With EFE information
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