Albuquerque Studios files Chapter 11

ALBUQUERQUE (KRQE) - After many months of financial troubles, the company that owns and manages Albuquerque Studios will restructure their nearly $100 million debt to stay in business.

A 63-page document, filed by Pacifica Mesa Studios in a California court on Tuesday, breaks down to whom the studio owes money. Some of the major ones in New Mexico are developer Mesa del Sol and Bernalillo County for property taxes.

Filing Chapter 11  means Pacifica Mesa Studios will be working with the principle lender on the loan to pay off more than $100 million on the property. Pacifica Mesa will still manage the studios and no jobs are expected to be lost.

The filing will finally put the company on sound financial footing, according to Hal Katersky, CEO of Albuquerque Studios.

"Obviously, the bank and the fund believe in us," said Katersky. "They believe in the facility because they're putting more money into the facility thruogh this restructuring."

Katersky expects business to pick up.

Albuquerque Studios has produced such hits as "Terminator: Salvation" and television shows like "Breaking Bad" since 2007.