BRON Studios, the production outfit behind the Oscar-winning Joker franchise and dozens of other films, has filed for bankruptcy protection. Wednesday, filings were made in both Canada and the United States as the Burnaby-based studio looks for protection from creditors. In a letter shared on the BRON website, company CEO Aaron Gilbert detailed the studio’s impending restructuring plan.
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“BRON will be working in concert with the Company’s secured creditors, other stakeholders and Grant Thornton Limited, in its capacity as the Court appointed monitor in the [Companies’ Creditors Arrangement Act (CCAA)] proceedings, who will be reviewing our finances, ensuring our compliance with the CCAA and any Court orders, and reporting to the Court on a periodic basis,” Gilbert wrote. “During the CCAA proceedings, which are expected to be completed by late Fall, there are financial resources in place to support the Company’s modified business operations.”
BRON has worked on countless Hollywood hits from Euphoria and Licorice Pizza to The Morning Show, X, Tar, and beyond. The executive said various COVID-related delays and industry-wide problems led to a sizable monetary shortfall.
“Having explored many options for many months, BRON had no choice but to take this step in light of its financial circumstances,” Gilbert’s letter added. “The last few years have been incredibly difficult for BRON, and things have only gotten more complicated over these past months. Covid and the many other issues affecting the media industry the last few years, most recently the strikes, have made BRON’s ability to continue its existing business impossible.”
Within the United States, BRON filed Chapter 15 bankruptcy paperwork due to its international status.
“From Brenda and I, thank you to our many friends who have been there to support us. Thank you to the BRON team, and to our incredible creative, production, and business partners,” Gilbert concluded. “Thank you to the many production financing partners and our corporate backers for support these many years. Thank you to our various representatives, and the many service providers for all the support and patience through a very tough few years at BRON. Your continued support and patience will remain critical during this restructuring process, and we will continue to keep you informed as we move through this process.”
BRON is both a film production company and financier, in addition to its in-house creative and digital media firm.
