September 3, 2019 Indie publisher Annapurna Interactive’s parent company has resolved its debts.
Annapurna, the parent company of indie publisher Annapurna Interactive, says that it’s resolved more than $200 million (£166 million) in debt, potentially helping stave off bankruptcy concerns. According to a report from Variety (via PCGamer), the film studio will now look for financial partners on a case-by-case basis.
Variety reports that participants in Annapurna’s credit facility will receive around 82 cents on the dollar to cure the debt, which cast question marks over its future. The deal is said to have closed earlier in the past few days, with official word expected later this week.
Annapurna the film studio is the parent company of Annapurna Interactive. Founded in 2016, the indie publisher has helped produce some of the most notable titles of the past few years. What Remains of Edith Finch, The Outer Wilds, and Telling Lies are all products of Annapurna’s investment in the industry.
Last month, The Hollywood Reporter published news that Annapurna Pictures “has retained a law firm to explore bankruptcy protection.” For its part, the company says its owners are “in negotiations to restructure their deals with the banks. They remain in full support of the company and are dedicated to Annapurna’s future.”
In response, the publishing branch assured fans that “we’re not going anywhere.” The company also says it has “a lot of unannounced stuff” in the pipe, in addition to several previously announced titles that are on the way.
In an email obtained by The Hollywood Reporter, founder Megan Ellison tells employees that “We have a lot of exciting things on the horizon and I have no doubt all of our hard work will continue to show Annapurna’s unique and powerful place in this industry.”