Our Alchemy files Chapter 7 bankruptcy, blames acquisition strategy

By Caroline Salls

Pittsburgh, July 8 – Our Alchemy LLC made a Chapter 7 bankruptcy filing on July 1 in the U.S. Bankruptcy Court for the District of Delaware.

According to a statement on the company’s website, an investment group and management team led by then chief executive officer Bill Lee formed Our Alchemy LLC in the fall of 2014.

The company said Our Alchemy “rolled out a comprehensive strategy of acquisitions” in its first year, including films, businesses and broad distribution agreements.

“The execution of this strategy proved to have an adverse impact on the financial health of the business,” the company said. “By the end of 2015, Alchemy had become financially distressed and ownership recruited a new executive team.

“During 2016, Alchemy conducted extensive efforts to optimize performance, recapitalize the business, and thoroughly explored and pursued its strategic alternatives. Unfortunately, the company’s financial viability could not be salvaged.”

As a result, the company said it elected to file bankruptcy to liquidate its assets. Our Alchemy said it has released its entire staff.

According to court documents, Our Alchemy has $10 million to $50 million in assets and $50 million to $100 million in debt.

Morris, Nichols, Arsht & Tunnell, LLP is the company’s legal adviser.

The company was formerly Millennium Entertainment LLC.

Our Alchemy is an independent film distribution company. The Chapter 7 case number is 16-11596.

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