According to Multichannel News, programming distributor and developer CABLEready has filed for Chapter 11 bankruptcy protection. The Norwalk,Connecticut-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. The company 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 organisation and yet still maintained the industry leading level of service while assuring high integrity and a fun atmosphere.”
According to a separate report by TVTechnology, CABLEready opened its first new office in 2012 since the company was formed in 1992. The New York office served as a metropolitan base for the Norwalk, Conn.-based company to expand its activities involving the East Coast production community, cable networks and multi-platform programme buyers.
