Bad Times for Great Films

Taken from indiewire.com

UPDATED: End of the Road for New Yorker Films, Legendary Distributor of “Difficult” Cinema
by Eugene Hernandez (February 23, 2009)

EDITORS NOTE: This story was updated with information regarding an email message sent by New Yorker to filmmakers.

With rumors swirling all weekend among industry insiders, New Yorker Films, the venerable film distribution company, confirmed today that it is closing its doors. They made the announcement via a simple statement on their website.

“After 43 years in business, New Yorker Films has ceased operations,” the statement reads. “We would like to thank the filmmakers and producers who trusted us with their work, as well as our customers, whose loyalty has sustained us through the years.”

...

"An email message recently sent by Lopez to filmmakers was forwarded to indieWIRE this afternoon, it reads: “I have sad news.The parent company of New Yorker Films has defaulted on a loan. The assets of New Yorker were used as security on the loan. The lender has informed us that it intends to foreclose on these assets. New Yorker stopped doing business yesterday…We are in total shock that after forty three years this has happened.”

This, after the closing of Mondo Kim's and Kim's Mediapolis.

Facets, don't fail me now!