Village Roadshow Files For Bankruptcy In US

Famed film producer and financier Village Roadshow Entertainment Group has filed for bankruptcy protection in the United States.

The company filed for Chapter 11 in Delaware on Monday, the news coming over three years into a long-drawn-out and expensive legal battle with its long-standing partner Warner Bros. Pictures over “The Matrix Resurrections”.

Village and Warners had a longstanding co-financing arrangement which ran for many years from the original “The Matrix” trilogy up through “Joker” and many more and included almost 90 titles.

In early 2022, it was reported Village was suing Warners for harming the film’s box office to prop up HBO Max when it released the film on the service day-and-date with its theatrical run in late 2021. The new filing says:

“The WB arbitration has caused the company to incur more than $18,000,000 in legal fees, nearly all of which remain unpaid, and presents the threat of a potential arbitration award that could flatten the company’s balance sheet, but that is not the full extent of its impact.

Even if the WB arbitration is resolved, the company believes that it has irreparably decimated the working relationship between WB and the company, which has been the most lucrative nexus for the company’s historic success in the entertainment industry.”

Village Roadshow was founded in 1997 and has produced and released over 100 films including the likes of “Mad Max: Fury Road” and “Ready Player One”.

Source: Vatiety

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