As STX looks to finalize its acquisition by the Najafi Companies, a deal that was announced in late 2021, it has put the sequel to Gerard Butler move Greenland into bankruptcy protection.The first Greenland grossed $52 million globally but did not have a U.S.
theatrical run due to Covid. It wound up being sold to HBO Max in a lucrative deal, amid the first wave of adjustments to the pandemic by the film business.
Rights to sequel Greenland: Migration sold to STX for more than $75 million in a massive deal at the Cannes market last summer, as Deadline was the first to report.A subsidiary of parent company ErosSTX called FSO Jones LLC, formally sought Chapter 11 protection from creditors on Monday in New Orleans.
The move is designed to shield the next installment in a burgeoning franchise from any financial liabilities during the company’s ongoing transition to new ownership.The $173 million STX acquisition, which was proposed last December, included a “go-shop period” during which the company could explore a preferable suitor.
Read more on deadline.com
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