NEW YORK CITY (NBC) – The parent company of MoviePass, the defunct movie subscription service, has filed for chapter 7 bankruptcy liquidation.
Chapter 7 bankruptcy dissolves an entity, whose assets are sold off to repay creditors. That means former subscribers may be owed money.
The filing has a list of about 12,000 subscribers listed as unsecured creditors.
The company has estimated its assets between $1 million and $10 million. It owes creditors almost $70 million.
So it’s unclear if those subscribers will ever see the money they are owed, which averages out to around $100 per subscriber.