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Terminator producers file for bankruptcy protection

Published on 24 Aug 2009 under category: legal

The producers of a major Hollywood blockbuster have filed for bankruptcy protection, it has been revealed.

According to the Los Angeles Times, Halcyon Holding Group and its subsidiary T Asset Acquisition have taken this action in a US court, which may have required the hiring of bankruptcy solicitors.

The firm was behind the Terminator Salvation movie, but has filed for Chapter 11 citing assets and liabilities of tens of millions of dollars.

Scott Gautier, Halcyon's bankruptcy counsel, told the source: "Its business is sound and we are confident that it will emerge from the Chapter 11 process intact and able to meet all its legal obligations."

Derek Anderson and Victor Kubicek, producers and franchise rights' owners of the Terminator, have also sued hedge fund Pacificor, the newspaper added.

Last week, it was revealed that publisher Reader's Digest looks set to file for bankruptcy protection and has reached an agreement with its lenders.

If you require advice on Insolvency and Bankruptcy please call us on +44 (0)20 7831 0101 and ask for Katherine Sillett.