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Yari distribution unit forced into bankruptcy


December 12, 2008 The Yari Film Group's distribution division has been forced into involuntary bankruptcy, according to the company's CEO, Bob Yari. Four creditors took action against the company, forcing the Los Angeles division of United States Bankruptcy Court to order Yari's releasing arm into Chapter 11, forcing it to reorganize. Yari blamed the tightening credit markets and the earlier bankruptcy of payroll company Axium, which according to Yari swept millions of dollars from its payroll accounts, as a "perfect storm" that sunk the company financially.

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