Producers of "Terminator Salvation" File for Chapter 11 Bankruptcy

The producers of the summer blockbuster hit, Terminator Salvation, filed for Chapter 11 bankruptcy protection the same day they sued their primary investor, Pacificor, a hedge fund company in Santa Barbara, Calif.

Derek Anderson and Victor Kubicek, owners of Halcyon Holding Group LLC and two affiliated companies, petitioned for bankruptcy in the U.S. Bankruptcy Court in Los Angeles, listing both their assets and debts between $50 million and $100 million.

Although Terminator Salvation has grossed more than $370 million since its release, Anderson & Kubicek failed to make a payment to Pacificor.  Pacificor lent Halcyon $30 million to purchase the rights to the Terminator movie, and two additional loans worth $9 million.

Halcyon has only repaid Pacificor $15 million of the $39 million they initially borrowed. 

Several sources familiar with Anderson and Kubicek's Terminator deal say the company will earn more than $5 million or 5% of the movie's revenues as produces.

According to the Los Angeles Times, Anderson and Kubicek said they could not make their payment because of a lien Pacificor placed on Dominion Holdings, the company through which they earned their producing fees for the movie.

Halcyon's bankruptcy attorney, Scott F. Gautier, said that Anderson and Kubicek would not have needed to file for bankruptcy if the lien wasn't placed on Dominion Holdings. In a statement, Gautier went on to say that business is sound, and that Anderson and Kubicek are confident that their company will emerge from bankruptcy successfully.

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