A while ago we reported on the fate of Terminator: The Sarah Connor Chronicles as it pertains to the upcoming Terminator films. With news that current Terminator rights holder Halcyon has filed for bankruptcy, no amount of wiki-petitions and Twitter protests can save her now.

Halcyon purchased the rights to the dormant Terminator franchise for $25 million back in 2007 for this summer’s release of “Terminator Salvation“. Despite stand-up performances (and super-white teeth) from Yelchin and crew, the critical reaction was less than expected. Low box-office results later lead to the decision to scrap any plans of future sequels, but still hold onto the rather expensive rights to make films involving Terminators. After news of the bankruptcy, other options are being considered.

Halcyon is currently looking at selling the Terminator rights–wholly or in part–to bring them back out of the red. The company is in debt to the tune of several million to a Santa Barbara hedge fund named Pacificor, LLC. After bringing in FTI Capital Advisors to explore options regarding the rights, FTI’s managing director Kevin Shultz says “We’re going to be contacting a variety of studios and independent companies.”

Chances are, the rights are going to be sold. Depending on who they’re sold to, we might get a few more decent Terminator movies but few see this as a viable possibility. Regarding the Sarah Connor Chronicles, this looks like the shows final, killing blow. WB was banking on Terminator sequels to keep viewership up with plans to bridge the stories of the television series and the feature films. Now that any new sequels are (for now) out of the picture, WB’s expected next step is the cancellation of Sarah Connor. That is sheer speculation, mind you, and we’ll be waiting to hear what WB’s plans are in the coming months.