LOS ANGELES (CelebrityAccess) — Despite its best efforts to remain viable, indie film and television distribution company Alchemy has filed for Chapter 7 bankruptcy protection and begun the process of liquidation.
In a post on their website, the company cites its business strategy of a series of aggressive acquisitions including films, businesses and broad distribution agreements as having "an adverse impact on the financial health of the business."
"During 2016, Alchemy conducted extensive efforts to optimize performance, recapitalize the business, and thoroughly explored and pursued its strategic alternatives. Unfortunately, the company’s financial viability could not be salvaged. As such, Alchemy has elected to pursue an orderly liquidation under Chapter 7 of the Bankruptcy Code in the State of Delaware, and has released its entire staff," the company said.
According to Deadline Hollywood, the company leaves a long list of as many as 8,700 creditors, including CAA, ICM and WME, the DGA, PGA and WGA pension and health plans, the IRS, Anchor Bay Entertainment, American Express, House of Blues, AFM, Showtime and HBO among numerous others. – Staff Writers