COMPANY TOWN ANNEX : Golan Firm to File Chapter 11

Film distributor 21st Century, headed by former Cannon executive Menachem Golan, has agreed to file for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The move comes after Hollywood’s talent guilds, which are seeking $1.5 million from the company, filed an involuntary bankruptcy petition against the firm. In addition, the French bank Credit Lyonnais claims it is owed $15 million. Lawyers in the case said Golan has been stripped of power and now has no control over the company’s assets.

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