Open Roads Films, LLC, along with five of its subsidiaries and affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-12012). The Debtors, based in Los Angeles, California, collectively comprise an independent distributor and licensor of motion pictures. According to the First Day Declaration, while Open Roads was launched in 2011 as a strategic partnership between Regal Entertainment Group and AMC Entertainment, the equity interests in its parent company and co-Debtor Open Road Releasing were sold on August 4, 2017 to a wholly-owned subsidiary of non-Debtor Tang Media Partners Holdings LLC. The First Day Declaration further explains that the Debtors intend to sell substantially all of their assets under section 363 of the Bankruptcy Code. The Bid Procedures Motion can be found here. The Debtors enter chapter 11 having negotiated an agreement with their pre-petition secured lenders for the consensual use of cash collateral through the chapter 11 cases. Donlin Recano is the proposed claims and noticing agent. The cases have been assigned to the Honorable Kevin J. Carey.
