Bron Studios Files for Bankruptcy
The esteemed company was behind blockbuster hits like Joker and Licorice Pizza.
The co-founder of Bron, Aaron J. Gilbert, conveyed the news in a heartfelt letter to friends, partners, team members, and backers. The company sought creditor protection by filing with the Supreme Court of British Columbia in Canada, alongside Chapter 15 in the U.S., owing to its financial circumstances.
Gilbert explained that Bron had exhaustively explored numerous options over the past few months but had no alternative but to take this step due to the increasing complexities faced by the company. The company faced challenges during the pandemic, and box office performance for projects like Ghostbusters: Afterlife and House of Gucci fell short of expectations. Additionally, their slate deals with Warner Bros and MGM had ended.
While the company navigates the CCAA (Companies' Creditors Arrangement Act) proceedings, expected to conclude by late Fall, financial resources will be in place to support the company's modified business operations. Although specific details about these operations have not been disclosed, the commitment to continue the creative pursuits that defined Bron remains steadfast.
Bron, founded in 2010 by Aaron J. Gilbert and Brenda Gilbert, had produced or executive produced over 125 productions, showcasing their prowess in animation, gaming, live-action film, TV, and non-scripted content. Recent projects included HBO's The Idol, the Sundance-debuting Americana, Adam Driver's 65, and the gripping Thai cave rescue drama Thirteen Lives.
As the restructuring process commences, Gilbert expressed gratitude to all the supportive friends, creative partners, production teams, and corporate backers who have been an integral part of Bron's journey. He acknowledged the significance of continued support and patience during this transformative phase, promising transparency and updates throughout the process. Despite the current hurdles, Bron remains committed to its passion for storytelling and creativity, eagerly looking forward to building a new and brighter chapter in the industry.
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