MoviePass Parent Calls It Quits with Chapter 7 Bankruptcy Filing
Company claims to have $1-10 million in assets and more than $60 million in debts.
Last week, MoviePass parent Helios and Matheson Analytics finally called it quits, filing for Chapter 7 bankruptcy, reports Variety. In a Chapter 7 bankruptcy, the company is dissolved and what remains of its assets are sold to repay its debts. According to the filing in the U.S. Bankruptcy Court for the Southern District of New York, Helios and Matheson had assets between $1 million and $10 million and more than $60 million in debts. The company called itself a big data company, and it hoped that a movie subscription service MoviePass would be a way to leverage customer data for sale to advertisers.
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