AfterShock Comics files for Chapter 11 bankruptcy protection

(Image credit: AfterShock Media)

Just a little more than two months after its co-founder and editor-in-chief Mike Marts left AfterShock Media to become editor-in-chief of Mad Cave Studios, AfterShock Comics, LLC has filed for Chapter 11 bankruptcy protection in a District of Central California court.

In its filing AfterShock reported $10-50 million in assets along with $10-50 million in liabilities (debt).

Chapter 11 is often referred to as "reorganization" bankruptcy meaning the organization filing plans to keep its business alive and pay its creditors over time.

The Sherman Oaks, CA.-based AfterShock was founded in 2015 by Marts (the former X-Men and Batman editor) and creator Joe Pruett and has published work by creators such as Brian Azzarello Warren Ellis, Garth Ennis, Marguerite Bennett, Paul Jenkins, Tim Seeley, Cullen Bunn, and Mark Waid, winning the 2017 Diamond Comic Distributors Gem Award New Publisher of the Year.

Most recently following Marts' exit, the publisher hired DC veteran editor Brian Cunningham as its new editor-in-chief and ex-IDW chief creative officer and president Chris Ryall as a publishing consultant. 

The filing also comes about two years after Aftershock Comics merged with a TV/film distribution company Rive Gauche to become AfterShock Media. At the time the merger was announced to better leverage AfterShock's comic book properties more in TV, film, gaming, and podcasts.

Aftershock has not commented on its chapter 11 filing on social media. On December 1 it was announced that Australia's Special Broadcasting Service (SBS) had optioned an AfterShock graphic novel The Normals by creators Adam Glass for adaptation as the publisher listed the retailer final order cut-off for its as recently as Sunday, Decemer 18 for its crime thriller Bulls of Beacon Hill #1 by writer Steve Orlando and artist Andy MacDonald, which goes on sale  January 25.

I'm not just the Newsarama founder and editor-in-chief, I'm also a reader. And that reference is just a little bit older than the beginning of my Newsarama journey. I founded what would become the comic book news site in 1996, and except for a brief sojourn at Marvel Comics as its marketing and communications manager in 2003, I've been writing about new comic book titles, creative changes, and occasionally offering my perspective on important industry events and developments for the 25 years since. Despite many changes to Newsarama, my passion for the medium of comic books and the characters makes the last quarter-century (it's crazy to see that in writing) time spent doing what I love most.