Russia's Enjoy Media Settles with Creditors, Avoids Bankruptcy

Courtesy of Planeta Inform

The Moscow shingle made headlines with 'Guardians,' a Soviet-set superhero movie that has been a major sales success outside Russia.

Enjoy Movies, the production company of the Russian superhero movie Zashchitniki (Guardians), has managed to avoid bankruptcy.

Angelina Pavlichenko, general director of Enjoy Movies, was quoted by Russian business daily Vedomosti on Wednesday saying he has reached agreement with the company's creditors. Earlier this summer, Enjoy said it would file for the Russian equivalent of Chapter 11 due to outstanding debts that were crippling the company. That prospect has apparently been avoided.

The size of the company's outstanding debt has not been disclosed. One of its main creditors was the cinema fund, a government agency that administers state cash for filmmakers.

Guardians, one of the company's biggest movies of recent years, directed by Sarik Andreasyan, was released in Russia in February, grossing $4.7 million. Set at the height of the Cold War and featuring a group of Soviet superheroes defending their country, Guardians became one of the biggest international sellers out of Russia in recent times, selling across Europe, Asia and the Americas, including deals with Shout! Factory for North America.

In May, Andreasyan, who was also one of the founders of Enjoy Movies, announced that he was leaving the company to focus on other projects. Last month, Arclight Films announced a sci-fi action film, Robots, which Andreasyan will direct.

Previously, Andreasyan directed the English-language feature American Heist, starring Adrien Brody.