Robert Halmi’s movie company could be heading for bankruptcy court.
RHI Entertainment, which has produced TV movies including “10.5 Apocalypse” and “Black Swarm,” is restructuring its “corporate equity structure,” which could include filing for bankruptcy, according to Variety.
The plan might also mean the company would no longer be publicly held.
RHI reportedly needs to restructure roughly $600 million in debt with 14 lenders. The company assumed that debt when Halmi reacquired his company from Hallmark Entertainment in 2006, according to Variety.
“Clearly, we were over-leveraged,” Halmi told Variety regarding the 2006 reacquisition. “But we’re still in business, still making films and business now is pretty good.”
RHI produced the upcoming movie “The Phantom,” airing on Syfy June 20 with stars Ryan Carnes and Isabella Rossellini.
The company, in fact, has about 25 two-hour movies scheduled for this year for Syfy, Lifetime and Hallmark Channel — and a four-hour ABC miniseries about the Von Trapp family (around which “The Sound of Music” was centered).