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January 29, 2020 07:30 pm

MoviePass Parent Company Files for Bankruptcy

Helios and Matheson Analytics, which owns the defunct MoviePass cinema-subscription service, has filed for Chapter 7 bankruptcy protection. From a report: The company disclosed the move in an SEC filing dated Jan. 28, when Helios and Mathenson filed the petition for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York. Chapter 7 of the bankruptcy code dissolves an entity, whose assets are sold off to repay creditors (unlike Chapter 11 bankruptcy, in which a company seeks to renegotiate with creditors). In its bankruptcy filing, Helios and Matheson listed the estimated value of assets at between $1 million-$10 million and $60.9 million in total creditor claims. The bankruptcy filing comes after MoviePass in September 2019 notified remaining subscribers that it would be shutting down indefinitely because "its efforts to recapitalize MoviePass have not been successful to date."

Read more of this story at Slashdot.


Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/k3Ou3buzcM8/moviepass-parent-company-files-for-bankruptcy

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