Simon Pegg Film ‘Angels In The Asylum’ In Talks With Rescue Investor, But “Unlikely” To Fully Repay $5M Owed To Creditors

Key Highlights

• Kallis Insolvency Practitioners, AITA Films’ administrator, has produced a progress report revealing that the company is now in “detailed” talks with a prospective investor over a “potential agreement.” The identity of the investor was not disclosed.
• Watch on Deadline Related Stories News Simon Pegg, Sofia Boutella, Charlotte Gainsbourg & Quentin Tarantino Starring In 'Only What We Carry'; QT's Biggest Screen Role In Years Casting Simon Pegg Among Cast Joining Alexandra Roach In Channel 4 Drama 'Hunting Alice Bell'; Sphere Abacus Attached For Sales The report warned, however, that it is “unlikely” that the financing will be enough to fully cover the cash owed to AITA Films’ creditors.
• This was a change of position from July, when administrators said they expected “all creditors will be paid in full.” Should the financing materialize, Kallis Insolvency Practitioners will write to creditors setting out repayment details.
• Creditors will then vote on whether to accept the arrangement, with a majority of 75% required to stop AITA Films going bust.
• Cast members are owed at least £374,649, while “trade and expense” creditors are out of pocket by £1.39M, which likely includes studio spaces, including Versa and Twickenham Film Studios.