MoviePass declare personal bankruptcy after shutting service in 2019

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Defunct film membership service MoviePass and its moms and dad business Helios and Matheson Analytics applied for personal bankruptcy Wednesday. The choice followed MoviePass thought about “strategic alternatives,” the SEC kind states. The business applied for Chapter 7 in the United States Bankruptcy Court for the Southern District of New York.

“A Chapter 7 trustee will be appointed by the Bankruptcy Court to administer the estate of the company,” the filing stated.

MoviePass, a membership service that enabled clients to buy several film tickets for a month-to-month charge, closed down services on Sept. 14 when its efforts to recapitalize were not successful.

MoviePass came under fire in 2018 by reactivating accounts and asking previous clients to pull out of being subscribed once again. That followed MoviePass trouble that consisted of rise prices at peak times, a momentary service interruption credited to inadequate financing and a Mission: Impossible blackout.

In August 2019, the business likewise dealt with criticism after it was reported that MoviePass altered passwords to keep users from buying tickets. Later that month, it then left clients’ charge card exposed online.

Helios and Matheson Analytics didn’t instantly react to an ask for remark.

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