Rooster Soup for the Soul Leisure, the leisure firm that operates Redbox, Crackle and different companies, filed for Chapter 11 chapter safety after failing to pay staff and distributors for at the very least the previous week.
The corporate filed for chapter on June 28 within the U.S. Chapter Courtroom of Delaware. Within the submitting, Rooster Soup for the Soul listed whole debt as of March 31, 2024 at $970 million and consolidated property at $414 million.
As of March 31, Rooster Soup for the Soul Leisure reported $4.9 million in money and equivalents, together with $4.6 million in restricted money.
Collectors listed within the CSSE chapter case embody Common Studios House Leisure (owed $16.7 million), Common Metropolis Studios Productions ($16.7 million), Sony Footage House Leisure ($9.1 million), BBC America Metropolis ($9 million), Walgreens ($5 million), Lionsgate ($4.6 million), Walmart ($4.1 million), Vizio ($2.75 million), Warner Bros. House Leisure ($2 million) , Paramount Footage ($1.96 million) and Paramount House Leisure ($1.2 million).
The corporate beforehand said in filings with the SEC that Chairman and Chief Government Invoice Rouhana Jr., who owns 79% of the voting energy of its excellent frequent inventory, dissolved the board of administrators on June 11, 2024.
Rooster Soup for the Soul Leisure owns and operates three flagship ad-supported streaming companies: Redbox, Crackle and Rooster Soup for the Soul. As well as, the corporate operates Redbox Free Reside TV, a free, ad-supported streaming tv service (FAST), a transactional VOD service, and a community of roughly 27,000 Redbox rental kiosks throughout the US. Media and Rooster Soup, a subsidiary of Soul TV Group, produce TV collection.
The corporate acquired a majority stake in Crackle from Sony Footage Tv in 2019. Rooster Soup for the Soul Leisure assumed $359.9 million in debt after buying Redbox.
Rooster Soup for the Soul Leisure is a subsidiary of Rooster Soup for the Soul, LLC, which publishes the acclaimed e-book collection and produces pet meals beneath the Rooster Soup for the Soul model.
