Home / Business and Economy / Hollywood Startup Secures $1B, Files Bankruptcy
Hollywood Startup Secures $1B, Files Bankruptcy
14 Dec
Summary
- Gold Tree Studios filed for Chapter 11 bankruptcy.
- The company received $1 billion in financing in March.
- Liabilities range from $1 million to $10 million.
Gold Tree Studios, a subsidiary of Gold Tree, has unexpectedly filed for Chapter 11 bankruptcy. This development follows the company's significant achievement of securing $1 billion in financing from Malka Group in March. The funds were intended for expanding the studio's production capabilities.
However, just nine months after this substantial investment, the firm reported assets between $100,000 and $500,000, with liabilities ranging from $1 million to $10 million. The exact causes behind Gold Tree Studios' financial distress have not been publicly revealed.
The bankruptcy filing casts uncertainty over projects the studio was associated with, including an anticipated film featuring Al Pacino and Jessica Chastain. Representatives from Gold Tree and Malka Group have not yet commented on the situation.
