After weeks of fierce fighting between leading financial institutions and Larry Ellison, Oracle billionaire and father of Annapurna CEO Megan Ellison, Annapurna Pictures has settled more than $ 200 million in debt.
Participants in the studio's revolving credit facility receive around $ 0.82 in dollars to hedge more than $ 200 million in debt. The deal was completed in the last few days, one person noted, and the official word is expected this week from the indie studio. The credit line, which was set in 2017, was used primarily as a P & A fund to promote starbursts such as "Vice", "The Sisters Brothers" and "Destroyer".
Annapurna will not seek a new line of credit, instead looking for financing partners on a case-by-case basis or being fully funded by Ellison itself. An Annapurna spokeswoman did not respond to the request of Variety for comment.
According to reports, the young studio flirted with the bankruptcy of Chapter 1
Variety reported extensively in March on a series of films whose performances totaled around $ 35 million including material loss, including the kind of provocative dramas for which the 8-year-old store has become known the aforementioned three titles ("The Sisters Brothers" cost $ 40 million and earned $ 3 million at the local box office) and Barry Jenkins awards the "If Beale Street Could Talk" award.
"Restructuring financial institutions is not uncommon but is usually done without special attention, luckily / unfortunately people like to write about me and my family," Ellison wrote in her August memo. "Still, it's for me It is of utmost importance that you all know that we are committed to this company as always, and that we are fully supportive of our future.