The stalled Kingdom Come movie project looks set to resume, thanks to a $1m donation by a mystery US-based backer used to placate creditors.South Vineyard, the Wellington-based production company behind the film, owes $5.81m to 275 creditors, le
The stalled Kingdom Come movie project looks set to resume, thanks to a $1m donation by a mystery US-based backer used to placate creditors.
South Vineyard, the Wellington-based production company behind the film, owes $5.81m to 275 creditors, led by movie-prop maker Polymer Group, the Capital and Coast District Health Board and New Millennium Design.
The company has faced liquidation proceedings since June 2009, with its directors struggling to find additional funding to pay off debt and finish the film.
According to media reports, at least $38m has already been spent on the film.
Today, in the High Court in Wellington, lawyer Stephen Brown sought approval for a one-year moratorium on further enforcement action by existing creditors.
In exchange, $1m placed in his trust account by a third-party backer would be distributed on a pro rata basis among creditors, with the hope of more to follow.
The third party has agreed to fund the film to completion, including full settlement of any debt, provided that creditors and the court agree to the above proposal.
Mr Brown said that 214 creditors, worth a combined $5.2m or 89% of the total debt, had voted in favour of the proposal, with three creditors worth $15,000 voting against.
Associate Judge David Gendall this morning approved the proposal.
He gave instructions that the US$1m be paid over to creditors by 30 November 2010, in exchange for a moratorium until 1 December 2011, and reserved his decision as to costs.
Kingdom Come, a biblical epic depicting the life of Jesus, was scheduled for filming on location around NZ but was placed on hold last year.
