Post-production house Point.360 has filed for Chapter 11 bankruptcy reorganization to reduce costs and optimize operations.
The publicly traded Los Angeles company will continue to operate as usual, fulfill customer orders and pay vendors. The company has facilities in Burbank for mastering, distribution, closed captioning and foreign language subtitling services.
Chief Executive Haig S. Bagerdjian said he believes the restructuring is a positive step forward for the company and its commitment to providing quality post-production services.
“We value our relationships with our vendors and appreciate their support throughout this process,” Bagerdjian said in a prepared statement. “We will continue to offer the same unparalleled service for which the company has been known since its founding."
The bankruptcy restructuring announcement was made Wednesday. On Thursday, shares closed down a fraction of a cent to 5 cents on the over-the-counter market.