The independent film distribution company Alchemy, formerly Millennium, is planning to file for bankruptcy as early as this Friday, TheWrap has learned.
Alchemy, whose acquisitions include the current art-house release “The Lobster” starring Colin Farrell, has debts in the tens of millions of dollars, according to a source with knowledge of the company’s condition.
The company went through a dramatic management change last December when chief Bill Lee stepped down and industry veterans Kelly Summers and Scott Guthrie became co-presidents.
Summers stepped down last week, following deep staffing cuts.
Lee continued on in December as an adviser to the Alchemy board and as an investor in the independent film and television distributor.
Guthrie, who remains as president, is responsible for leading sales, operations and finance, while Summers oversaw strategic planning, marketing and production/acquisitions. Both reported to Jesse Watson, chairman of the Alchemy board.
The company has distributed the work of some of the world’s finest filmmakers, including Richard Linklater, Werner Herzog, Gregg Araki, Dito Montiel, John Hillcoat, John Turturro, Lee Daniels, Oren Moverman and James Cameron, and it owns a catalog of more than 1,000 film titles.
Alchemy distributes film titles and programming for clients including Air Bud Entertainment, DreamWorks Animation, Microsoft, Magnolia, MPI Media, Music Box Films, nCircle, PBS, Phase 4 Films, Team Marketing, Vertical and Well Go USA.