A Hollywood post-production company associated with the highly anticipated film “Lear Rex,” featuring performances from renowned actors Al Pacino and Jessica Chastain, has filed for bankruptcy protection. Gold Tree Studios, a relatively new firm established three years ago, specializes in offering a range of post-production services including rental suites, editing, sound mixing, and color grading. The company submitted a Chapter 11 reorganization filing just months after its parent company announced a $1 billion financing deal aimed at expanding the studio’s operations.
In March, Gold Tree Studios expressed optimism over the financing deal secured from the global investment firm Malka Group, articulating that this investment would “expand our studio footprint & production slate, bringing more jobs & opportunities to LA and beyond.”
However, as part of the Chapter 11 proceedings, the parent company will shutter its post-production facility in Los Angeles. Joseph Simon, the general counsel for Gold Tree, confirmed that while the financing deal remains active, the post-production services are relocating to a studio site in Buffalo, New York.
In an email to Business Insider, Simon stated that despite the company’s capabilities in delivering “exceptional” post-production services from its Los Angeles location, the volume of projects in the area has not been sufficient to sustain the business over recent years. “This led to the difficult decision that was taken by Gold Tree (Group) to relocate its post-production services out of Los Angeles until the market for these services has picked back up,” he explained.
Gold Tree Studios has filed for bankruptcy under Subchapter V of Chapter 11, indicating it aims to restructure its debts. In its filing with federal bankruptcy court in California, the company disclosed that it holds assets ranging from $100,000 to $500,000 while facing liabilities between $1 million and $10 million, with 1 to 49 identified creditors.
Founded by entrepreneur Tim Chonacas, who also serves as CEO, and the late veteran Hollywood executive William Immerman, Gold Tree launched its film production branch, Gold Tree Films, in 2018. Gold Tree Studios opened its doors in 2022, establishing its flagship site on the Sunset Strip in West Hollywood. The portfolio of Gold Tree includes several other subsidiaries such as Gold Tree TV and Gold Tree Podcasts.
The company’s website highlighted that its cutting-edge facility was intended to set a new standard for post-production services. Despite facing challenges in the industry, including strikes that have affected production schedules, Chonacas managed to keep the studio operational and even expanded its presence to Buffalo, New York, and Vancouver Island, Canada.
The Los Angeles facility had been engaged in post-production efforts for “Lear Rex,” which is an adaptation of William Shakespeare’s iconic play “King Lear.” Pacino takes on the title role, with a supporting cast that includes Ariana DeBose, Peter Dinklage, Rachel Brosnahan, Stephen Dorff, and Danny Huston. The release date for the film has yet to be announced.
The story has since been updated to reflect comments from the bankruptcy lawyer representing Gold Tree Studios.
