Indie Cinequanon files for bankruptcy

Producer and arthouse operator had debts of $52.5 mil

TOKYO -- The pain continues for Japan’s independents as Cinequanon filed for bankruptcy protection at Tokyo District Court on Thursday with debts of 4.7 billion yen ($52.5 million).

As with most of the rest of the sector, Cinequanon’s financial troubles were well known in the industry. The production house and distributor had ceased acquisitions last year and has not had a significant boxoffice success since 2006’s “Hula Girls.”

Cinequanon also operated a handful of arthouse cinemas in Tokyo. Finding another company willing to take them over in the current harsh environment for indies is likely to be a challenge.