The Australian-based Village Roadshow Group is not impacted by the US-based Village Roadshow Entertainment Group’s (VREG) bankruptcy filing and has set plans to terminate its association with the company.

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.