Walt Disney had not had a huge hit since Snow White and the Seven Dwarfs (1937). At the time, his studio, Walt Disney Productions, was over $4 million in debt and was on the verge of bankruptcy. Walt Disney and his animators turned back to feature film production in 1948 after producing a string of package films with the idea of adapting Charles Perrault's "Cendrillon" into a motion picture. The production of this film was regarded as a major gamble on Disney's part. At a cost of nearly $3,000,000, Disney insiders claimed that if this movie had failed at the box office, it would have been the end of the Walt Disney Studios. Through faith, hard work, and a bit of luck, everyone associated with the film's production were determined to create Cinderella (1950) a great film that would stand the test of time for all time. As a result, it was a spectacular hit, becoming the greatest critical and commercial hit for the studio since Snow White and the Seven Dwarfs, as well as its first commercial hit since Song of the South (1946), and helped reverse the studio's fortunes. Cinderella received overwhelming critical acclaim and many international film honors, including three Academy Award nominations. The film also became the third highest grossing film of 1950, behind King Solomon's Mines (1950) and the Academy Award-winning All About Eve (1950), respectively. The profits from its release, with the additional profits from record sales, music publishing, publications and other merchandise gave Disney the cash flow to finance a slate of productions (animated and live action), establish his own distribution company, enter television production, and begin building Disneyland during the decade. Much like Cinderella herself, the Walt Disney Studios had its own rags to riches story, which eventually propelled them back to greatness and prominence after years of misfortune.