Chicken Soup for the Soul Entertainment's Chapter 11 Bankruptcy

SOURCE www.npr.org
Chicken Soup for the Soul Entertainment, the owner of Redbox, has filed for Chapter 11 bankruptcy protection due to nearly $1 billion in debt and financial struggles. The company owes millions to over 500 creditors and had about $414 million in assets and $970 million in debts as of March this year.

Key Points

  • Filed for Chapter 11 bankruptcy protection
  • Owes millions to over 500 creditors
  • Had about $414 million in assets and $970 million in debts as of March
  • Operates about 27,000 kiosks across the U.S.

Cons

  • Accumulated nearly $1 billion in debt
  • Losses reported over recent quarters
  • Shares for the public company fallen more than 90% over the last year