Deluxe Entertainment has filed for bankruptcy as it seeks to hand over the company to its debtholders.
Having reached a debt-for-equity swap agreement last month, the post production services company this week announced that a “controlled, efficient, Court-supervised process” is the best way to achieve the exchange.
“We have been working to put Deluxe in a strong financial position, and these steps are the best and most efficient way to finalise and implement the comprehensive financial restructuring,” said CEO John Wallace.
“This process will allow us to strengthen our balance sheet and gain the financial flexibility and resources to drive investment in key growth strategies with no disruption to our business and no impact to our employees, customers, vendors and other business partners.”
