NEW YORK (Reuters) - business the Bermuda who holds the rights to the films "Ace Ventura: Pet Detective" and "Last of Mohicans the" asked a bankruptcy judge Tuesday U.S. recognize as insolvent, citing the 74 million dollars in debt.
Inverness Distribution Ltd., formerly Morgan Creek International Ltd., has filed a motion before the Court of bankruptcy, at the United States in Manhattan seeking recognition of its current insolvency Bermuda proceedings.
Filed under Chapter 15 of the Bankruptcy Code of the United States, the petition would officially be foreigners bankruptcy of the company to recognize and protect the parties seeking to seize its assets to the United States.
KPMG Advisory Ltd, appointed by the Court of the insolvency of Bermuda in February to liquidate the assets of the Inverness, brought the motion.
Inverness said that more than 74 million dollars in debt on a loan of $ 150 million of the Societe Generale, Santander UK Plc, ING Bank NV and others, according to court documents.
The company cited a decline in "dramatic and unexplained" revenue from movie studios in exchange for broadcasting and the rights of the videos, saying revenues were 36 to 71% less than normal in the last quarter of 2010.
Producer James g. Robinson, sole shareholder of the Inverness, produced "Ace Ventura," "Last of the Mohicans", "young guns" and "" Robin Hood: Prince of thieves. ""
It had been intended to safeguard a third film in the popular "Major League" series would be embattled star actor Charlie Sheen, but backpedaled in February, saying that he would not risk casting Sheen, unless the actor has improved his public image.
Sheen made headlines earlier in the year after a series of offensive rants and erratic behavior prompted his shot of the hit TV show "two and a half Men."
An attorney for f officers refused to comment on.
The case is in re Inverness Distribution Ltd., the bankruptcy court, in United States, Southern District of New York, no. 11-12106.
(Reported by Nick Brown.) (Editing by Tim Dobbyn)
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