Redbox parent Chicken Soup for the Soul Entertainment has shifted its bankruptcy filing from Chapter 11 to Chapter 7, meaning it will liquidate its business.
The company, sagging under the weight of nearly $1 billion in debt and a tall stack of unpaid bills, filed for bankruptcy protection on June 29.
During bankruptcy court proceedings, it secured a “debtor in possession” loan of $8 million designed to help it resume paying workers after nearly a month of no paychecks and also restore their medical benefits.
Deadline had earlier reported on the delays in pay and health care. On Wednesday, HPS Investment Partners, which has been one of the company’s backers and arranged for financing for the DIP loan, said it could not extend any additional financial resources.
Read more on deadline.com
Get the latest stars news and celebrity rumours with exclusive stories, photos, videos and interviews.
Breaking up, scandals, engagements, divorces, gossip – all you need to know about the private lives of your favorite celebs.
Get to know the latest showbiz news along with exclusive interviews and even more. All this is waiting for you on the main page 24 hours a day, 7 days a week! Who, where, when, with whom, how, why and for what!? Stay tuned to know first!
Just follow us daily and we will provide you with the current news from the life of famous stars and celebrities.
Owner: SNOWLAND s.r.o.
Registration certificate 06691200
Address:
Snowland s.r.o.
16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
Czech Republic
©2024. All rights reserved.