The independent film distribution company Alchemy, formerly Millennium, is planning to file for bankruptcy as early as this Friday, TheWrap has learned.
Alchemy, whose acquisitions include the current art-house release “The Lobster” starring Colin Farrell, has debts in the tens of millions of dollars, according to a source with knowledge of the company’s condition.
The company went through a dramatic management change last December when Alchemy chief Bill Lee stepped down and the company appointed industry veterans Kelly Summers and Scott Guthrie as co-presidents.
Also Read: Alchemy Chief Bill Lee Steps Down, Company Hires Two Co-Presidents
Summers stepped down last week, following deep staffing cuts at the company.
Lee continued on in December as an adviser to the Alchemy board and as an investor in the independent film and television distributor.
Guthrie, who remains as president, is responsible for leading sales, operations and finance, while Summers oversaw strategic planning, marketing and production/acquisitions. Both reported to Jesse Watson, chairman of the Alchemy board.
Also Read: Imogen Poots, Mackenzie Davis Drama 'A Country Called Home' Lands Theatrical Distribution
Guthrie served as Alchemy’s COO prior to his December promotion, while Summers served as senior VP of strategy and financial planning. The duo have a history of collaboration, having worked together for over a decade.
Guthrie has held executive roles at Paramount, MTV, the Walt Disney Company, and more. Summers has held executive roles at the Walt Disney Studios, where she led strategy, new product development, and digital distribution for the company’s portfolio of film and television brands. During her tenure, she brokered the studio’s first iTunes movie deal with Apple, launching the digital movie category and created the concept for Disney Movies Anywhere.
Also Read: 'The Lobster' Review: Colin Farrell and Rachel Weisz Sink Their Claws Into Melancholy Rom-Com
At the time of the December management shift, Alchemy was the largest independent distributor of film and television content in North America.
The company has distributed the work of some of the world’s finest filmmakers including Richard Linklater, Werner Herzog, Gregg Araki, Dito Montiel, John Hillcoat, John Turturro, Lee Daniels, Oren Moverman and James Cameron, to name a few, and owns a catalog of more than 1,000 film titles.
Alchemy distributes film titles and programming for clients including Air Bud Entertainment, DreamWorks Animation, Microsoft, Magnolia, MPI Media, Music Box Films, nCircle, PBS, Phase 4 Films, Team Marketing, Vertical and Well Go USA, among many others.
Related stories from TheWrap:
Cannes Shiva Stoner Comedy 'One Week and a Day' U.S. Rights Go to Oscilloscope
Cannes Recap: Can Any of This Year's Movies Crash the Oscar Race?
17 Biggest Winners and Losers of Cannes Film Festival 2016
Ken Loach's 'I, Daniel Blake' Wins Cannes Film Festival's Palme d'Or