Nickelodeons Studios has filed for bankruptcy.
In a filing to the state of Delaware, the company said it’s unable to make enough money to meet the costs of the company’s debts.
The company’s assets are valued at $2.3 billion, and it is currently working on a new plan to keep NickelodeON afloat.
Nickelodeos Studios has been in receivership since May of this year.
It has been working with creditors to make up the losses, and in February it announced a new partnership with Warner Bros. to develop a new live-action show.
The studio has said it plans to keep its operations open through 2019.