STX files Chris Pine and Ben Foster film ‘The Contractor’ for bankruptcy – Deadline
As STX seeks to spin off from old company Eros and move on to new financial partner Najafi Companies, Robert Simonds Studios has released their latest Chris Pine & Ben Foster thriller, The contractor, in chapter 11 bankruptcy.
Showtime and Paramount Pictures Home Entertainment, as Deadline first reported to you, have acquired the US distribution rights to the Tarik Saleh-directed action film, which will be released later this year. Similar to bowling which STX sold to Paramount+ and Showtime for $20 million, the deal on The contractor will see the photo released in a limited number of theaters by Paramount with a simultaneous PVOD release on all platforms.
So what’s going on here?
A company spokesperson told Deadline, “This filing, like our previous filing on Greenland 2 is surgical and strategic as we protect our rights while we work towards our closure for strategic alternatives for our business.
“Migration is the entity that now owns the worldwide distribution rights in The contractor,The rep added, “We have determined that filing for receivership is necessary to protect the value of this entity to all of our stakeholders.”
The new SEC Eros filing indicates that the December 6, 2021 agreement that STX entered into with Najai Companies was amended on March 15. Najafi now owns 85% of STX and 100% of its voting rights. Eros STX Global Corp. still holds 15% of the non-voting shares. The SEC filing indicates that the purchase price and outstanding debt were approximately $157 million at the time of closing.
Pine stars in The contractor as a special forces sergeant. James Harper, who is involuntarily discharged from the army and deprived of his pension. In debt, out of options and desperate to support his family, Harper contracts with a private underground military force. When the very first mission goes awry, the elite soldier finds himself caught up in a dangerous plot and on the run for his life.
Gillian Jacobs, Kiefer Sutherland, Eddie Marsan, Fares Fares, Nina Hoss and Amira Casar also star in the film written by JP Davis.
Basil Iwanyk and Erica Lee of Thunder Road Film (John Wick franchise, Greenland, Sicario) produced with 30WEST having fully financed the film. 30WEST’s Dan Friedkin, Micah Green and Dan Steinman are executive producers along with Pine, Jonathan Fuhrman, Tom Lassally and Josh Bratman. Esther Hornstein of Thunder Road Films is the executive producer.