Plum TV has filed for bankruptcy, according to the company, but remains up and running.
At the same time it filed for reorganization under Chapter 11 protection, Plum, a collection of local cable channels serving resorts and upscale communities, struck a deal to sell its assets to a group led by Terry Mackin, president of Greenwich, Conn.-based ForesightLab and a former president of Univision, and Bill Apfelbaum, chairman of New York City-based Media Ventures Group.
The bid is meant to be the opening volley in a court-supervised auction of Plum's assets.
In addition to buying those assets, the investors have pledged $1 million in "debtor-in-posession" financing. Mackin is also former executive vice president of Hearst Television
"We want to reassure our audiences and advertisers that Plum TV remains in business and will continue to provide our daily programming throughout this process," said Plum TV chairman Tom Scott, in a statement. "Plum and its respective channels continue to enjoy strong brand identification in desirable markets. With berths on cable systems serving these markets, coupled with the rapid growth of over-the-top video viewing and viewing of local content on mobile devices, the Plum Network of channels has strong distribution and viewer loyalty."
The programming service, which leases access to some channels and multicast spectrum for others, had attracted well-heeled investors including Tom Freston and Jimmy Buffett and invested in original programming that targeted wealthy viewers.