A Hollywood post-production firm tied to the upcoming movie “Lear Rex,” starring Al Pacino and Jessica Chastain, filed for chapter safety on Tuesday.
Gold Tree Studios, a three-year-old agency providing post-production rental suites, modifying, sound mixing, shade grading, and extra, filed for Chapter 11 reorganization simply months after its mum or dad firm introduced a $1 billion financing deal supposed, partly, to develop the studio.
“This funding expands our studio footprint & manufacturing slate, bringing extra jobs & alternatives to LA and past,” Gold Tree Studios wrote in a March X put up in regards to the lump sum its mum or dad firm, Gold Tree, secured from the worldwide funding agency Malka Group.
As a part of the Chapter 11 course of, the mum or dad firm, which continues to function, will shut its Los Angeles post-production facility, Gold Tree’s common counsel, Joseph Simon, stated.
After publication, Simon informed Enterprise Insider in an e-mail that the mum or dad firm’s “Billion Greenback Debt Finance Deal” stays in place, and that it’s relocating its post-production facility to its studio location in Buffalo, New York.
Representatives for Malka Group didn’t return a request for remark.
Simon informed Enterprise Insider that the corporate has been capable of ship “distinctive” post-production providers by way of its LA location, together with the collaboration on forthcoming Bernard Rose-directed flick “Lear Rex,” however during the last couple of years, “the variety of initiatives of this sort in LA haven’t been anyplace close to the quantity essential to maintain this a part of the enterprise in our LA location.”
“This led to the troublesome determination that was taken by Gold Tree (Group) to relocate its Submit Manufacturing providers out of Los Angeles till the marketplace for these providers has picked again up,” the lawyer stated in an emailed assertion.
Gold Tree Studios filed for chapter as a small enterprise in search of safety beneath Subchapter V of Chapter 11.
The submitting, submitted in federal California chapter court docket, exhibits that the agency — one among a number of subsidiaries that make up Gold Tree — holds between $100,000 and $500,000 in property and between $1 million and $10 million in liabilities. The corporate additionally listed between 1 and 49 collectors.
Gold Tree was based by entrepreneur Tim Chonacas, who additionally serves as the corporate’s CEO, and late veteran Hollywood government William Immerman.
The pair launched the corporate’s movie manufacturing arm, Gold Tree Movies, in 2018 and Gold Tree Studios in 2022, with its flagship location on the Sundown Strip in West Hollywood. Gold Tree’s different subsidiaries embrace Gold Tree TV and Gold Tree Podcasts.
“The innovative facility set a brand new customary for post-production providers,” the corporate’s web site says about Gold Tree Studios. “Regardless of trade strikes, Chonacas stored the studio afloat and expanded to Buffalo, NY, and Vancouver Island, Canada.”
The LA facility supplied post-production providers for “Lear Rex,” an adaptation of William Shakespeare’s “King Lear.”
Within the movie, which doesn’t but have a launch date, Pacino stars as King Lear. The solid additionally consists of Ariana DeBose, Peter Dinklage, Rachel Brosnahan, Stephen Dorff, and Danny Huston.
This story has been up to date to incorporate a remark from Gold Tree Studios’ chapter lawyer.
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