Rooster Soup for the Soul Leisure, which bought the film apartment provider Redbox in 2022, has filed for Bankruptcy 11 chapter coverage, Cut-off date reviews. The corporate not too long ago disclosed internet losses of $636.6 million for 2023 in a SEC submitting, and Cut-off date reported only a few days in the past that it had suspended clinical advantages and neglected payroll, leaving workers with out their paychecks for per week already. In a message to workers on Saturday, Rooster Soup for the Soul Leisure mentioned it had carried out for a debtor-in-possession mortgage in an try to treatment the location.“Upon court docket approval, we predict payroll to be funded early within the week and investment for this upcoming week’s payroll to even be secured,” the message mentioned, according to Cut-off date. “We additionally be expecting to have the price range to reinstate clinical advantages again to Might 14, 2024 and going ahead.” The $375 million deal to procure Redbox introduced with it a ton of debt, and consistent with The Verge, Rooster Soup for the Soul Leisure owes cash to a slew of outlets, studios, and streaming platforms — together with Walmart, Common and Sony — in addition to different collectors.Its overall money owed come to about $970 million. Rooster Soup for the Soul Leisure additionally owns the streaming provider Crackle and a couple of different movie and TV manufacturers, along with promoting the long-running self-help books it’s very best identified for.
