Open Road Films, Known for ‘Spotlight,’ Files for Bankruptcy

Open Road Films LLC filed for bankruptcy with a plan to sell all of its assets, just a year after Tang Media Partners took over the business with plans to expand in the Chinese market.

The Chapter 11 filing in Wilmington, Delaware, marks a sharp turnaround for the company, launched in 2011 as as a strategic partnership between Regal Entertainment and AMC Entertainment. By 2015, it had made history under former Chief Executive Officer Tom Ortenberg by becoming the youngest studio to win a Best Picture Academy Award, which it won for “Spotlight,” its film about the Boston Globe’s investigation ...