Redbox owner Chicken Soup for the Soul crashes into bankruptcy
175.00 $
Published date: 2024/07/06
- Location: 93250, North Carolina, United States
By Dietrich Knauth
NEW YORK, July 1 (Reuters) - Chicken Soup for the Soul Entertainment, which owns LK21 XXI Online Stream Movie & Series Netflix rental company Redbox and the streaming service Crackle, has entered bankruptcy on rocky footing, with its lenders moving on Monday to wrest control from the company's chief executive.
The company filed for bankruptcy protection in Wilmington, Delaware late Friday, intending to fund its restructuring with a $20 million bankruptcy loan from private credit firm Owlpoint Capital. But private investment firm HPS Investment Partners, which is owed $500 million, quickly moved to block the new loan and wrest control of the company from CEO William Rouhana.
Chicken Soup for the Soul Entertainment (CSSE) has a diverse line of businesses that includes its namesake series of self-help books, ad-supported streaming services, pet food, and Redbox, known for its bright red self-service DVD rental kiosks at supermarkets and other retail centers.
NEW YORK, July 1 (Reuters) - Chicken Soup for the Soul Entertainment, which owns LK21 XXI Online Stream Movie & Series Netflix rental company Redbox and the streaming service Crackle, has entered bankruptcy on rocky footing, with its lenders moving on Monday to wrest control from the company's chief executive.
The company filed for bankruptcy protection in Wilmington, Delaware late Friday, intending to fund its restructuring with a $20 million bankruptcy loan from private credit firm Owlpoint Capital. But private investment firm HPS Investment Partners, which is owed $500 million, quickly moved to block the new loan and wrest control of the company from CEO William Rouhana.
Chicken Soup for the Soul Entertainment (CSSE) has a diverse line of businesses that includes its namesake series of self-help books, ad-supported streaming services, pet food, and Redbox, known for its bright red self-service DVD rental kiosks at supermarkets and other retail centers.
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