The Associated Press
The bankruptcy filing comes after months of a series of financial struggles for the company and piling unpaid bills. Chicken Soup for the Soul has accumulated nearly $1 billion in debt, the Chapter 11 filing submitted Friday in Delaware bankruptcy court shows, after reporting loss after loss over recent quarters.
As of March of this year, Friday's filing shows, Chicken Soup for the Soul had about $414 million in assets and $970 million in debts. Shares for the public company have fallen more than 90% over the last year.Connecticut-based Chicken Soup for the Soul declined to comment when reached by The Associated Press Monday. In court documents, the company said that its lenders were unwilling to cooperate with refinancing.
Source: News Formal (newsformal.com)
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