Connecticut-based independent distributor and development company CABLEready has filed for Chapter 11 bankruptcy protection.
The company, formed in 1992, has within its catalog such titles as the Leftfield Pictures-produced Oddities, Bravo’s Inside the Actor’s Studio, and long-running investigative series Forensic Files, as well as such programs as Deals from the Dark Side and Lost Treasure Hunters. From a development standpoint, the company has developed such titles as the aforementioned Forensic Files with Medstar, Saw Dogs with Buck Productions for Velocity, A Cook’s Tour with The New York Times for Cooking Channel and Monster Quest with Whitewolf Entertainment for History.
CABLEready recently opened a New York office headed up by vice president and global sales manager Maurizio Tavares.
In a statement, CABLEready president and CEO Gary Lico said he was “saddened” by the turn of events, adding: “The company explored every possible alternative to avoid filing for Chapter 11, which included an extensive search to find a buyer for CABLEready. 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 added that the company will continue operations – “Every buyer will receive their programs, every original concept will be developed” – while looking into the “many possibilities” it says are available for reorganizing its debt and transitioning the business “for the benefit of our employees and customers.”
“This filing provides the best means of maximizing recoveries for our creditors,” he added. “We are convinced 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.”