What happened to ADV Films?

I know ADV Films was shut down. I only just recently heard. I had hoped it was just a rumor, but a total of five seconds on the internet proved that wrong. As official websites have stated that ADV Films is shut down, and all of their licenses have been transferred to Section 18 Films. What happened to make ADV shut down ADV Films?

Anime News Network posted a pretty good article to try to explain what happened to ADV.
It’s here:
Here’s a little more info on it-
I hope this helps.

Adv Films

It’s Section23 films and others of adv’s assets were transferred to Sentai filmworks, Maiden Japan, Switch blade pics etc

They filed Bankruptcy

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