According to multiple sources, Annapurna has burned through much of the $350 million credit facility the company secured in fall 2017
on the other, is about to take place, and it will decide whether Annapurna continues as a taste-making studio or a Chapter 11 casualty.
The syndicate of senior lenders is considering putting Annapurna into bankruptcy, sources said. That is the usual course of action when entities like The Weinstein Company or Relativity lost the confidence of banks and don’t have the receivables to pay back them back.But this case isn’t ordinary because it is Larry Ellison, which is why the banks have kept this situation quiet. Deadline hears that the banks expected him to step in and clean up the mess.
A spokeswoman for Annapurna issued the following statement: “The Ellison family is in negotiations to restructure their deals with the banks. They remain in full support of the company and are dedicated to Annapurna’s future.”“Restructuring deals with financial institutions is not uncommon, yet the process is usually handled without a spotlight on it,” she wrote . “Fortunately/ unfortunately, people like to write about me and my family.
Larry Ellison has a $1 billion line with JP Morgan and another with Wells Fargo, two of the banks with significant hold positions in the senior facility on Annapurna. Known as a hard-nosed businessman, Larry Ellison has been negotiating to buy her debt at approximately 80 cents on the dollar, which may be drawndown on his own credit line with those two banks, sources said. It is not a great prospect for those banks, to take a haircut on what they are owed, and then finance the result.
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