CABLEready Files for Chapter 11 Bankruptcy Protection

NORWALK: CABLEready has filed for protection under Chapter 11 of the United States Bankruptcy Code.

The motion was filed in United States Bankruptcy Court for the District of Connecticut in Bridgeport, Connecticut. Gary Lico, CABLEready’s president and CEO, commented, “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. 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, “We were the first distributor to specialize in cable; we pioneered many important series like Inside The Actors Studio and Medical Detectives. For most of our two decades we have been successful in the international television sector with loyal clients and friends all over the world. 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.”
 
He concluded, “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.”

Lico emphasizes that CABLEready is "very much in business" and clarifies that the move is simply intended to make the company "healthier." He affirms that "every channel and buyer will receive materials for every program licensed…now and in the future."