BRON Studios filed for bankruptcy on Wednesday due to financial issues. This Canadian production company was behind notable films like 2019’s Joker and 2021’s Ghostbusters: Afterlife.
The company’s CEO, Aaron Gilbert, released a letter revealing that it had filed for creditor protection with the Supreme Court of British Columbia in Canada under Chapter 15 of the Bankruptcy Code. According to the US Courts, Chapter 15 involves financial cases like debt, assets, and claims in multiple countries.
Gilbert also stated that the last few years had been difficult thanks to COVID, changes in the media industry, and most recently, the SAG-AFTRA and WGA strikes. This led to the company’s difficulties to the point that it could no longer run its business.
“Having explored many options for many months, BRON had no choice but to take this step in light of its financial circumstances. The last few years have been incredibly difficult for BRON, and things have only gotten more complicated over these past months. Covid and many other issues affecting the
media industry the last few years, most recently the strikes, have made BRON’s ability to continue its
existing business impossible.”
The CEO revealed that it would be working with creditors and stakeholders to review their finances and ensure that they complied with any CCAA and court orders and would be reporting to the court periodically.
Bron has worked on other notable projects such as Joker, The Addams Family, Ghostbusters: Afterlife, House of Gucci, and The Mule. Screen Daily also reported back in 2019 that it would produce a Bear Grylls animation film and release a teaser in 2022.
Deadline reported that there had been rumors about the company’s downfall after reports of staff turnovers and shifting business models. At the same time, Ghostbusters: Afterlife didn’t perform well at the box office during its domestic opening weekend and received mixed reviews from critics on Rotten Tomatoes.
Gilbert ended his letter by thanking everyone who supported them over the years and their financial backers and partners. Gilbert claimed that this decision to seek creditor protection was ‘not taken lightly’ and ensured their decision was within the interest of both the company and the stakeholders.