MoviePass is officially dead as Helios and Matheson Analytics, which owns the now-defunct cinema ticket subscription service, has filed for Chapter 7 bankruptcy protection.
The company disclosed the move in an SEC filing this week. Chapter 7 of the bankruptcy code dissolves an entity, whose assets are then sold off to repay creditors. Helios and Matheson listed its total assets at $396.5 million and total debts $276.8 million in its bankruptcy filing.
The bankruptcy filing comes after MoviePass notified remaining subscribers in September that it would be shutting down indefinitely because its efforts to recapitalize the service had not been successful to date. Helios and Matheson also owned Moviefone with those trademarks valued at $4.38 million.
As disclosed in the bankruptcy filing, Helios and Matheson is still being investigated by the SEC, the FTC, and attorneys general for New York and California along with being the target of several pending lawsuits, including a class-action lawsuit by subscribers.
Source: The Wall Street Journal
