Film distributor Prenom-H Co. has gone bankrupt, affected by China’s dispute over the Japan-controlled Senkaku Islands in the East China Sea, Teikoku Databank Ltd. said Monday.
The Tokyo-based company received Tokyo District Court approval for the start of its bankruptcy procedures on Feb. 21, according to the credit research agency. Prenom-H left ¥643 million in debts.
The company had been slated to produce the movie “1905,” which was supposed to have been a Japan-China joint work. But the project bogged down due to the bilateral territorial row and Prenom-H ran into financial difficulties, Teikoku Databank said.
Prenom-H, established in 1988 and capitalized at ¥80 million, has mainly distributed Taiwanese and other foreign movies.
In the year to October 2006, the company posted annual revenue of some ¥150 million. But its business started to falter later, with revenue in the year to October 2011 totaling only ¥50 million.