Annapurna Interactive's Parent Company Explores Bankruptcy Protection
Annapurna Interactive's parent company Annapurna Pictures is looking into bankruptcy protection.
In a new report from The Hollywood Reporter, Annapurna Pictures, which owns indie publisher Annapurna Interactive, has retained a law firm to explore bankruptcy protection.
With poor box office support for films such as Destroyer (2018), Detroit (2017), and The Sisters Brothers (2018), the indie movie studio “could no longer sustain the hemorrhaging.” Additionally, the studio is well-known for releasing Her (2013), Vice (2018), and Booksmart (2019). The company is having ongoing discussions with its banks to restructure their deals.
The potential for bankruptcy could hurt their current film projects in development such as the upcoming James Bond film, which they have a 50 percent stake in, and Emily Blunt’s Not Fade Away which is based on a memoir from Rebecca Alexander. Currently, their next movie coming out is Where’d You Go, Bernadette?, which is directed by Richard Linklater and releases on August 16.
As for Annapurna Interactive, Gamasutra points out that it’s unclear if a restructuring deal could affect the indie publisher going forward since there are no details as to how well the game’s division is doing.
Annapurna Interactive is well known for publishing games such as What Remains of Edith Finch, Donut County, and Florence. Recently, the publisher released Outer Wilds, which has players play an astronaut who’s going on their first trip to space. Additionally, Annapurna announced Twelve Minutes at Xbox’s E3 2019 conference and they’re set to release Sayonara Wild Hearts on Nintendo Switch later this year.
“Restructuring deals with financial institutions is not uncommon, yet the process is usually handled without a spotlight on it,” says Megan Ellison, founder of Annapurna Pictures. “We have a lot of exciting things on the horizon and I have no doubt all of our hard work will continue to show Annapurna’s unique and powerful place in this industry.”
As more news about Annapurna Interactive and its parent company comes out, we’ll be sure to let you know.