3i’s Chorion Faces Bankruptcy

3i Group–ownedChorionis facing bankruptcy,The Wall Street Journalreports. The U.K. entertainment rights company’s private equity owner is likely to recruitDeloitteas administrator.

3i had acquired Chorion in a £136 million buyout in May 2006. The company broke banking covenants in March and has failed to agree refinancing with its lenders, includingLloyds Banking Group,Bank of IrelandandGE Capital.

Click here for the story fromThe Wall Street Journal.

Click here for additional coverage fromThe Telegraph.