Hen Soup for the Entertaining Soul, Acquisition of movie rental service Redbox in 2022has filed for Chapter 11 chapter safety, deadline Report. The corporate not too long ago disclosed a internet lack of $636.6 million in 2023 in an SEC submitting. deadline This comes days after reviews emerged that the corporate had suspended well being advantages and delayed wages, leaving staff and not using a paycheck for per week. Hen Soup for the Soul Leisure mentioned in a message to staff on Saturday that it had utilized for a debtor-in-possession mortgage to attempt to rectify the state of affairs.
“Topic to courtroom approval, we count on payroll to be funded early this week and funding for subsequent week’s payroll to be secured,” the discharge mentioned. deadline. “We additionally count on funds might be accessible to revive well being advantages to Could 14, 2024 and past.” The $375 million deal to amass Redbox comes with a major quantity of debt, based on edgeHen Soup for the Soul Leisure owes cash to quite a few retailers, studios and streaming platforms – together with Walmart, Common and Sony – in addition to different collectors.
Its whole debt is roughly $970 million. Hen Soup for the Soul Leisure additionally has the streaming service Crackle and plenty of different movie and TV manufacturers, along with promoting its best-known long-form self-help books.
