10-Sep-2018 • Bond News
Global Road Entertainment is about to declare bankruptcy, according to a report in Variety. The company was the financier of the recent EON Productions non-Bond film 'The Rhythm Section' that stars Blake Lively. The film is scheduled for February 22, 2019, but with Global Road reportedly unable to raise funds to promote new releases, that date may slip if the film is sold to another distributor.
The fledgling studio that sought to straddle the U.S. and China, will soon declare bankruptcy, sources tell Variety. A filing could come as early as this week.
The report says that the "company has been on the brink of insolvency since Bank of America and other lenders seized control of the studio two weeks ago. The banks have since laid off nearly 50 employees and tried to sell several finished films."
"Even as Global Road’s film side of the business has been taken over by lenders, its television and international sales groups have continued to operate independently. It’s unclear how Global Road will approach bankruptcy, but knowledgeable sources believe it is unlikely to reorganize. One scenario being discussed would have the company liquidate its movie assets, and sell its sales and television businesses."
"The studio debuted “Hotel Artemis” in June, which grossed just $6.7 million. Its most recent pic, “A.X.L.,” bombed with a $2.8 million showing in its opening weekend. In early August, Global Road removed its next film, “City of Lies,” from the release schedule. "