Village Roadshow files for bankruptcy in Delaware

Village Roadshow Entertainment Group, known for The Matrix and Ocean’s films, has filed for bankruptcy in Delaware. The company reported $223.8 million in secured notes and $163.1 million in senior secured debt. The bankruptcy follows a legal dispute with Warner Bros over the release of The Matrix Resurrections on HBO Max, which Village Roadshow claims hurt its revenue. The company also cited ongoing liquidity issues and a damaged relationship with Warner. Village Roadshow has appointed a restructuring officer and reached an agreement with creditors for a debtor-in-possession facility. CP Ventura LLC is set to bid for its library assets during the bankruptcy process.