Bad news for the indie/Indiewood sectors if Megan Ellison’s Annapurna Pictures is exploring the option of bankruptcy, as is suggested in various reports, initially from Deadline.com. Annapurna has been a key supporter of both indie productions and more challenging studio or speciality division features in recent years, including ZeroÂ DarkÂ Thirty, AmericanÂ Hustle, TheÂ Master, Detroit and IfÂ BealeÂ StreetÂ CouldÂ Talk.
According to Deadline, meeting are about to take place between Ellison and her father and backer, the billionaire Oracle co-founder Larry Ellison, the company being reported to have ‘burned through much of the $350 million credit facility the company secured in fall 2017.’
Will Larry step in and save the day, either with some of his own billions or more guarantees? Hopefully, as Annapurna would be a significant loss to the indie film and ‘quality’ Hollywood ends of the market. Megan Ellison herself has issued a statement to staff referring to restructuring deals with financial institutions and saying she remains committed to the company and its future.
Links below for reports from Deadline and the studio trade press: