25 Jan, 2012 @ 14:29
1 min read

The final production at Ciudad de la Luz

THE company which runs Ciudad de la Luz film studios has filed for bankruptcy.

According to Agua Amarga de Gestion the trouble comes after the regional government failed to pay the four million euros it owed as the promoter of the project.

The company is now demanding the debts be paid.

However, the Valencia Government – itself on the verge of bankruptcy – is calling to privatise the Alicante-based studio which opened its doors in 2005 and has amassed a total debt of more than 190 million euros, despite spending 160 million euros on it.

Agua Amarga officially held the right to run the studios until 2014 but the contract was ended in 2010 after the local authorities insisted the company had failed in its duty to find new productions.

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