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3i’s Chorion Faces Bankruptcy

3i Group–owned Chorion is facing bankruptcy.

3i Group–owned Chorion is facing bankruptcy, The Wall Street Journal reports. The U.K. entertainment rights company’s private equity owner is likely to recruit Deloitte as administrator.

3i had acquired Chorion in a £136 million buyout in May 2006. The company broke banking covenants in March and has failed to agree refinancing with its lenders, including Lloyds Banking Group, Bank of Ireland and GE Capital.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from The Telegraph.

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