Connecticut-based independent distributor CABLEready will be closing before the year’s end, following its Chapter 11 bankruptcy filing in June.
According to a message to clients and industry members from company founder and CEO Gary Lico, while there were offers to buy the company, none would deliver enough revenue to clients; thus, the decision was made to close, “thereby delivering more money to the creditors,” Lico said.
Lico said the final settlement could offer up to 60% of receivables to creditors, which is typically on the higher end for such proceedings, while adding: “I apologize for it not being 100% and for the chaos brought upon our clients, their employees and families.” He also emphasized that program buyers will get the materials due to come to them, and that the company is working to return masters to producers.
“We are doing everything we can to affect a seamless transition,” he said.
Lico says he plans to launch a new start-up, christened LilOlMe.tv, which will be “hyper-focusing on U.S. cable program development, format importation/development, and international sales, though in a management – not direct sales – role.” He added that the long-running series Medical Detectives/Forensic Files will be the foundation of the new company.
CABLEready, which also handled distribution for Inside the Actors Studio, was founded in 1992.