Film Company Files For Bankruptcy
The Bermuda company which owns the rights to such blockbuster movies as ”The Last of the Mohicans,” “Young Guns” and “Robin Hood: Prince of Thieves” has filed for bankruptcy, citing a sharp decline in movie royalties.
Inverness Distribution Ltd, the Bermuda-registered film company that was previously known as Morgan Creek International Inc., filed a petition in US Bankruptcy Court in Manhattan, listing as much as $100 million in debt. Creditors include French bank Société Générale, ING Bank NV, and Bank of Ireland.
The company was set up to distribute movies outside the US and Canada which were produced by Morgan Creek Productions Inc., according to Inverness’s Bermudian liquidators
James Robinson, the company’s former president and sole shareholder, could not be reached for comment on the filing by US media outlets.
Mr. Robinson had been due to finance a third film in the popular “Major League” series that would star embattled actor Charlie Sheen [pictured at top] but backed off in February, saying he would not risk casting the actor unless his public image improved.
The Chapter 15 filing is intended to shield Inverness from creditor lawsuits in the US as it seeks to reorganise in Bermuda, where liquidators have been appointed to take over the company. According to court filings, Inverness is “deeply insolvent, has breached its contractual obligations [and] was managed by individuals whose interests conflict with those of Inverness.”
KPMG Advisory Ltd, appointed by the Bermuda insolvency court in February to liquidate Inverness’ assets, filed the petition.
In 1999 Morgan Creek and Warner Brothers co-produced an animated version of the Rodgers & Hammerstein musical “The King and I”, the last feature film made by Bermudian writer/director/producer Arthur Rankin Jr. and his American partner Jules Bass.
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