{"id":5368,"date":"2013-11-27T00:00:00","date_gmt":"2013-11-27T00:00:00","guid":{"rendered":"http:\/\/worldscreen.com\/tvusa\/2013\/11\/27\/cableready-to-close-by-years-end\/"},"modified":"2013-11-27T00:00:00","modified_gmt":"2013-11-27T00:00:00","slug":"cableready-to-close-by-years-end","status":"publish","type":"post","link":"https:\/\/worldscreen.com\/tvusa\/cableready-to-close-by-years-end\/","title":{"rendered":"CABLEready to Close by Year’s End"},"content":{"rendered":"

\n\tNORWALK: After having filed for Chapter 11 bankruptcy protection earlier this year, CABLEready has decided to officially shutter operations before the end of the year.<\/p>\n

\n\tCEO Gary Lico said that since the filing the focus has been on minimizing the impact on creditors, namely producers and the bank.<\/p>\n

\n\t"Offers to buy the company were considered, but none delivered enough revenue to our clients," said Lico. "So we volunteered to shut down, thereby delivering more money to the creditors. We also had a successful summer of sales, throwing off commissions that will add to that amount. (Thanks to those buyers who made that happen!) While the agreement's final "t's" need to be crossed (and the "i's" dotted too), the final settlement could deliver up to 60 percent of receivables to the creditors. That is on the very high end of how these things are usually resolved. (10 percent is the usual; 25 percent, OK; 50 percent or above, pretty unusual.) This is not meant to be bragging, by the way: I apologize for it not being 100 percent and for the chaos brought upon our clients, their employees and families."<\/p>\n

\n\tCABLEready has promised that for all clients that have program materials coming, this content will in fact come.<\/p>\n

\n\tLico is now going to focus his efforts on a start-up operation, targeting U.S. cable program development, format importation and development and international sales; this will be through a management role, and not direct sales. The successful series Medical Detectives\/Forensic Files <\/em>will serve as the foundation for the new company, which is named LILOLME.<\/p>\n

\n\t
\n\t <\/p>\n","protected":false},"excerpt":{"rendered":"

NORWALK: After having filed for Chapter 11 bankruptcy protection earlier this year, CABLEready has decided to officially shutter operations before the end of the year. CEO Gary Lico said that since the filing the focus has been on minimizing the impact on creditors, namely producers and the bank. "Offers to buy the company were considered, …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[],"class_list":["post-5368","post","type-post","status-publish","format-standard","","category-top-stories"],"yoast_head":"\nCABLEready to Close by Year's End<\/title>\n<meta name=\"description\" content=\"CABLEready to Close by Year's End . NORWALK, November 27: After having filed for Chapter 11 bankruptcy protection earlier this year, CABLEready has decided to officially shutter operations before the end of the year. . 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