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Redbox missed a multimillion-dollar payment it couldn’t afford to miss
Meanwhile, its cars are being repossessed.
On Thursday, a Los Angeles court entered a $16.7 million judgment against the company in favor of NBCUniversal, after Redbox failed to pay a scheduled installment of a settlement the parties reached earlier in May. More importantly, the missed payment suggests the company simply did not have the requisite money on hand, and the prospect of bankruptcy may be looming for Redbox and its deeply indebted corporate parent, Chicken Soup for the Soul Entertainment. Chicken Soup had planned to raise $175 million this spring to pay NBCUniversal, settle other lawsuits, and service debt held by its largest creditor but was unable to do so.
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