Annapurna Pictures solved more than $ 200 million in debt, according to insiders close to the case VarietyAfter weeks of hard compromises between leading financial institutions and Larry Ellison, Oracle billionaire and father of Annapurna's CEO, Megan Ellison.
Participants in the studio's revolving credit facility will receive about $ 0.82 on a dollar to process more than $ 200 million in debt, sources said. The deal has been reached over the past few days, noted one person, and the official word is expected this week from the independent studio. The credit line, set up in 2017, was mainly used as P & A funds to promote star bombs such as "Vice", "The Sisters Brothers" and "Destroyer", according to insiders.
Annapurna will not look for a new line of credit, but will instead look for funding partners on a case-by-case basis, or will be fully funded by Ellison herself. A spokesman for Annapurna did not respond to VarietyRequest for comment.
At the beginning of August, the novice studio would flirt with the bankruptcy of Chapter 11 because of a considerable debt. Ellison herself published a memo at the time of the reports, rejecting these assertions as conjectures and reaffirming her commitment to her society and the stories she tells. .
Variety In March, he published numerous articles on a series of films whose performances resulted in a material loss of about $ 35 million, including the kind of provocative dramas that the 8-year-old store has made famous – whose three titles, "The Sisters Brothers", cost $ 40 million. and made $ 3 million at the domestic box office), as well as Barry Jenkins' prize-winner "If Beale Street could talk."
"Restructuring agreements with financial institutions are not uncommon, but the process is usually run without light on the spotlight. Fortunately / unfortunately, people like to write about me and about my family, "Ellison wrote in his August memo. Having said that, it is extremely important to me that you all know that we are as committed as ever to this society and full support for our future.