Rive Gauche Television, which merged with AfterShock Comics to form AfterShock Media in 2020, has filed for Chapter 11 bankruptcy, ICv2 reported. The company stated that it has between 1 and 49 creditors, assets of between US$50 million and US$100 million, and liabilities of between US$10 million and US$50 million.
AfterShock Comics has also filed for Chapter 11 bankruptcy, stating in their bankruptcy petition that they have both assets and liabilities of between US$10 million and US$50 million. They also stated that they have over 200 creditors, and their list of the 20 largest unsecured claims includes several creators, at least one printer, and two law firms. Their largest creditor is AS Comics, a fund set up to invest in comics and media, to whom they owe over $500.000.
"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 company said in a statement.
According to a source close to the matter cited in the Popverse, Rive Gauche and the larger AfterShock Media project is seen as being an essential part of the recovery of AfterShock Comics, with the funds brought in by future adaptations of AfterShock material seen as crucial to helping the company get back on its feet. As with AfterShock, Rive Gauche filing for Chapter 11 bankruptcy allows for the company to continue to operate and restructure its debt, meaning that AfterShock Media may yet have a chance to survive.
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