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.
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.