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Bucharest Film Studios, formerly known as Media Pro Studios, filed for bankruptcy after less than two years of operation under new management, the local online news magazine Paginedemedia.ro has reported.
According to the report, the studio complex, located just outside the Romanian capital, filed for bankruptcy after failure to pay outstanding debts to creditors and wage arrears to its employees.
Back in 2015, a group of investors, including producers Bobby Paunescu and Donald Kushner, Romanian and American, respectively, acquired the studios from its previous owner, Central European Media Enterprises (CME). Paunescu also owns 50 percent of the Romanian TV network B1.
In May 2016, the studio complex was relaunched as Bucharest Film Studios as the new co-owners expected to benefit from Romania’s planned tax incentive scheme. Major local and international directors, including Cristian Mungiu and Terry Gilliam, expressed support for the project.
Bucharest Film Studios did not reply to The Hollywood Reporter‘s request for comment.
The studio complex, which has 19 soundstages and is surrounded by a 110-acre backlot, is one of the largest in Europe.
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