The Hollywood Reporter – Aramid Entertainment, a hedge fund based out of the Cayman Islands specializing in financing movies, has declared Chapter 11 bankruptcy.
The move comes after years of loan-collecting and litigation have left Aramid in a cash-strapped position. The movie financier reveals it has assets with a book value at more than $237 million, but it’s the $11.4 million of liabilities — mostly in legal fees — that has caused Aramid to seek bankruptcy protection.
