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The MoviePass Outage Isn’t A Glitch. It Needed $5 Million To Pay Its Partners.

The company told customers its service outage was due to a “technical issue.”

Posted on July 27, 2018, at 1:07 p.m. ET

According to a Securities and Exchange Commission filing that MoviePass’s parent company, Helios and Matheson Analytics, made on Friday morning, it had to take out a $5 million short-term loan to pay some of its partners.

The loan is from a hedge fund called Hudson Bay Capital Management, and MoviePass’s parent company has to start paying it back by the beginning of August, which is, um, really soon.

BuzzFeed News has reached out to MoviePass and Hudson Bay for comment.

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