Troubled Village Roadshow has filed for Chapter 11 in a Delaware court, citing ongoing arbitration with long-time partner Warner Bros.

The company filed for bankruptcy protection Monday in Delaware, adding that there was a stalking horse bidder for its assets.

The company attributed its red ink to its protracted battle with Warner Bros. over the release of "The Matrix Resurrections" and a push into independent production. Village Roadshow said a potential sale last year collapsed because of uncertainty surrounding the dispute.