AfterShock Comics Files For Chapter 11 Bankruptcy!
AfterShock Comics has filed for Chapter 11 bankruptcy protection after months of chatter about the company’s inability to pay its creators among other partners now creditors.
RK Consultants noted the following.
AfterShock Comics, LLC and affiliates has filed Chapter 11 in the District of Central California
Assets: $10M-$50M
Liabilities: $10M-$50MRepresented by:
David L. Neale
Levene, Neale, Bender, Yoo & Golubchik L.L.P.
#Bankruptcy
CB has acquired a statement from the company on this development.
After much deliberation, AfterShock Comics LLC has voluntarily filed a petition for protection under Chapter 11 of the United States Bankruptcy Code to enable the Company to restructure its senior secured facility as well as being in a position to secure additional financing to continue to operate its business.
The intent of this decisive action, among other considerations, is to allow the Company to maintain operations in the ordinary course including, but not limited to, paying employees and continuing existing benefits programs,, upholding and following through on commitments to contracted creators, as well as vendors who supply goods and services related to marketing, merchandising and advertising. AfterShock will continue to operate, publish and market comic books and graphic novels to supply to direct market retailers and mass accounts through its distributors in accordance with all federal, state and local guidelines.
We regret the inconvenience this has caused to those we work with and may cause in the near future. However, we believe that going forward this will allow us to best position the Company for long-term success.
Wouldn’t have thought they’d be the first comic book company to file for bankruptcy, my money would have been on Valiant, but sad news nonetheless.
AfterShock does have Free Comic Book Day 2023 (FCBD 2023) plans so we’ll see if this Chapter 11 filing leads to the end of the company or a more stabling new beginning.
