×

Bob Yari crashes into Chapter 11

Layoffs expected after court ordered move

Bob Yari has placed the releasing division of his Yari Film Group into Chapter 11 reorganization.

The move to seek bankruptcy protection was compelled by a court order, according to a statement by the “Crash” producer. The legal procedure was prompted after Yari came out on the losing end of legal actions by four creditors. Employees learned the news Friday when Yari distributed an internal email apprising them of the situation.

In an acknowledgement of the reorganization, Yari cited a “perfect storm” of tightening credit markets and the Axium bankruptcy, which swept millions of dollars from its payroll accounts. As a result, Yari Film Group’s releasing division began what the company called “substantial layoffs” and the suspension of its releasing activities.

Staffers were shocked by the development.

“Our goal is to aggressively work toward reorganizing our debt so that we can become a stronger company,” Yari said. “In the meantime, our production arms are distinct entities with separate financing which remain unaffected by the legal proceedings. We will go on functioning, making new films, covering our payroll and paying for employee benefits.”

Yari Film Group said that it is moving forward with limited award qualification releases of “What Doesn’t Kill You,” which opened Friday in New York and L.A., and “Nothing But the Truth,” which will be put into qualifying release this week in the two cities.

Yari said he hopes to continue making progress toward starting production on two other projects: the Joe Carnahan-directed “Killing Pablo” and “The Governess.”

More Film

  • WGA Agents Contract Tug of War

    Writers Guild Says It Helped Negotiate 100 Deals for Agent-Less Members

    The Writers Guild of America has asserted that it has assisted in negotiating more than 100 deals in recent months for members without agents. The missive from the WGA West board of directors comes nearly a year after the guild leaders ordered their 15,000 members to fire their agents if the agents had not agreed [...]

  • the jesus rolls

    Émilie Simon Contributes Flamenco/Gypsy Vibe to John Turturro's ‘The Jesus Rolls’

    For French musician Émilie Simon, the flamenco-meets-gypsy vibe writer-director John Turturro was seeking for the soundtrack to his movie “The Jesus Rolls” turned out to be in her musical and genetical DNA. “This music originally comes from where I grew up in the south of France,” says the 41-year-old electronic musician, who has released five [...]

  • My Hero Academia Heroes Rising

    'My Hero Academia: Heroes Rising' ADR Director on Adapting the Anime for a U.S. Audience

    “My Hero Academia” has officially Detroit Smashed into North American theaters. Sony Pictures Television’s Funimation released “Heroes Rising” in the U.S. on Wednesday, grossing $2.5 million on its opening day. Theaters are showing the film, a standalone entry in the popular superhero anime based on the manga, with options for either subtitles or with an [...]

  • Lost in America

    'Lost in America': Film Review

    You might feel a sense of shame watching Rotimi Rainwater’s “Lost in America,” an expansive documentary look at the issue of youth homelessness in a country where the problem seems unthinkable, and its victims are so often invisible. You are likely to ask yourself how many times you have passed by a homeless child and [...]

  • Bell Book and Candle

    'Bell, Book & Candle' Remake in the Works -- Without Harvey Weinstein

    A remake of the Jimmy Stewart-Kim Novak romantic comedy “Bell, Book & Candle” is in the works with Jay Weston and Sara Risher producing. Weston, who has producing credits on “Lady Sings the Blues” and “Invisible Child,” originally optioned the remake rights from the estate of original author John van Druten, then collaborated with Harvey [...]

  • Irradiated

    'Irradiated': Film Review

    Early in “Irradiated,” a powerful but troublesome documentary howl of despair from Cambodian director Rithy Panh, the narration describes an act that must be familiar to anyone similarly transfixed by history. Referring to the black and white archival war footage that marches in triplicate across a screen that’s divided into three panels, the narrator speaks [...]

More From Our Brands

Access exclusive content