Jul 21, 2023

Canada's Bron Corporation Plans Restructuring After Bankruptcy Filing

Canadian production and financing company Bronn Corp. announced that it has filed for cross-border bankruptcy, and CEO and co-founder Aaron L. Gilbert said restructuring is underway

According to a company memo, Bronn filed for credit protection with the British Columbia Supreme Court in Canada and in the United States has filed a Chapter 15 application. Gilbert said in the memo that the company has been struggling for several years to recover from the adverse effects of the Covid pandemic, and that the recently initiated WGA and SAG-AFTRA strikes have created insurmountable challenges to that recovery. It is also worth noting that the joint venture agreement between MGM and Warner Bros. recently expired.

Bron is best known for producing major Hollywood live-action films such as "The Joker," "Licorice Pizza," and "House of Gucci," but under the Bron Animation banner, it produced the feature film "The Willoughby Family" and the animated "Addams Family" services as well.

In the summer of 2020, in response to the Covid pandemic, the company launched Bron Digital, a new division dedicated to animation. Projects at Bron Digital include "Fables," a show that retells a classic fairy tale or fable in each episode, and "Gossamer," a series based on a Lois Lowry novel.

Last year, Bron Digital partnered with Florida-based entertainment developer Falcon's Beyond to co-develop animated television series, feature films, video games, location-based entertainment, and consumer products.

In a statement released by the company on Wednesday, Gilbert said:

After months of exploring various options, Bronn had no choice but to take this step given its financial situation. The past few years have been incredibly difficult for Bronn, and things have become even more complicated in recent months...

We would like to thank our many friends who have supported us. Thanks to the Bron team and our wonderful creative, production, and business partners. Thanks to our many partners in production and finance, and to our corporate benefactors who have supported us over the years. Thank you to the various representatives and many service providers who have supported and persevered through the very challenging years at Bron. Your continued support and patience has been invaluable in this rebuilding process.