One of the minority shareholders of the Studio City casino resort is having a little bit of a money problem. New Cotai Holdings, along with three of its affiliated debtors, have applied for Chapter 11 bankruptcy protection in the U.S., hoping to buy it some time to figure out where it went wrong.

New Cotai reportedly has at least 20 creditors, according to court documents for the bankruptcy, which was filed in the U.S. Bankruptcy Court for the Southern District of New York. The company and its affiliated debtors have liabilities that range from between $500 million and $1 billion and has run into trouble meeting certain financial obligations.

Some of those obligations include an agreement note worth $856 million. New Cotai hasn’t able to negotiate a deal with the holders of the debt and some of the unsecured notes came due on Wednesday. The company wasn’t able to cover the notes, in part prompting the decision to file for Chapter 11.

The filing wasn’t unexpected by industry analysts. In response to the news, the Sanford C. Bernstein brokerage said on Thursday, “A bankruptcy of New Cotai has been expected as the New Cotai payment-in-kind notes came due and New Cotai has no funds to redeem the notes.”