News

Annapurna Pictures reportedly resolves more than $200 million in debt

Date Type Companies involved Size
September 3rd, 2019 investment Annapurna Interactive $200m
Annapurna Pictures reportedly resolves more than $200 million in debt

Annapurna Interactive parent company Annapurna Pictures has resolved more than $200 million in debt and cleared itself of bankruptcy.

As reported by Variety, insiders close to the matter shared details of how participants in the studio’s revolving credit facility will receive approximately $0.82 on the dollar, which subsequently will rid the $200 million-plus debt.

The new deal reportedly closed in the last few days, with an official statement expected from Annapurna Interactive later this week.

The credit that was given in 2017 was set up as a purchase and assumption fund to promote film projects such as Vice, Destroyer and The Sisters Brothers.

In August, multiple sources confirmed that Annapurna Pictures was exploring the possibility of bankruptcy, with a law firm seeking options for the firm.

Financing partners

Going forward, the studio will not seek a new line of credit but will look for financing partners that suit the company’s needs. Alternatively, these firms will need to be backed by Annapurna CEO Megan Ellison’s father, American businessman and billionaire Larry Ellison.

PocketGamer.biz has reached out to Annapurna Interactive for comment.

Annapurna Interactive is known for publishing titles such as Mountains' interactive story mobile title Florence and Ben Esposito's Donut County.


Staff Writer

Matthew Forde is a freelance writer from Yorkshire, who's work has been published for Tech Radar, Nintendo Life, Kotaku UK and more. He regularly attends Smash Bros. tournaments, while trying to keep up-to-date on everything pop culture related - particularly superheroes. You can find him on Twitter @Forde999.

Comments

No comments
View options
  • Order by latest to oldest
  • Order by oldest to latest
  • Show all replies