SINGAPORE (Sept 4): Spackman Entertainment Group, the Korean production group, today announced that the next major film by wholly owned subsidiary, Zip Cinema, will be Sovereign Default.

Sovereign Default is a historical financial thriller depicting the behind‐the‐scenes story of the tumultuous week leading up to the rescue package agreed upon between the International Monetary Fund (IMF) and the Republic of Korea to prevent bankruptcy on the backdrop of the 1997 Asian Financial Crisis.

The group is expecting the total production budget to be about KRW9.7 billion ($11.7 million).

Sovereign Default is targeted to be released in second half of 2018, in time for one of the peak box office weeks of the year and in anticipation of the future easing of China‐Korea relations, Zip Cinema has secured the coveted 2018 Chinese New Year holiday in Feb 2018 for the release of Golden Slumber.

The film will later be distributed by CJ Entertainment.

Sovereign Default comes after Golden Slumber, the group’s other major film, and filming will start at end-2017 or early-2018.

Charles Spackman, Executive Chairman & CEO of Spackman says, “Zip Cinema will have two films released in the 2018 fiscal year and we hope that these timely releases will increase Zip Cinema’s chances of continuing its long streak of commercially successful films.”

Shares in Spackman closed at 10.9 cents on Monday.