Programming distributor and developer CableReady has filed for chapter 11 bankruptcy protection.
The Norwalk, Conn.-headquartered independent, which has been involved with such fare as Oddities, Forensic Files, Lost Treasure Hunters, Inside the Actors Studio, Live from Lincoln Center and Deals from the Dark Side, filed under the U.S. code in the United States Bankruptcy Court for the District of Connecticut in Bridgeport, Conn.
The company, which listed assets of $3.2 million and liabilities of $4.6 million in its bankruptcy filing, said it pursued other avenues before going this route.
“I am saddened. The company explored every possible alternative to avoid filing for Chapter 11, which included an extensive search to find a buyer for CableReady,” said president and CEO Gary Lico in a statement. "However, due to industry consolidation, mergers and acquisitions of production companies, larger competitors paying higher and higher advances for programming or networks retaining all rights, and the uncertain global economy squeezing independent companies like ours ̶ CableReady was left with no choice but to seek protection. Enduring these hurdles we made significant changes to the organization and yet still maintained the industry leading level of service while assuring high integrity and a fun atmosphere.”
Lico noted that the company will “continue operations (every buyer will receive their programs, every original concept will be developed) while it looks into the many possibilities that are available to reorganize its debts and transition the business for the benefit of our employees and customers. This filing provides the best means of maximizing recoveries for our creditors.”
Lico expressed the belief that “through the Chapter 11 process, like so many companies before us, CableReady can be restored to financial health. We’ve never ever been quitters as our friends and clients know.”