Channel Master Files Chapter 11
Channel Master, a Smithfield, N.C.-based manufacturer of satellite antenna systems, has filed for Chapter 11 bankruptcy.
The company made its filing in order to complete a "going concern" sale of the assets of the company and continue as an ongoing business. Immediately prior to the bankruptcy filing, Channel Master agreed to sell its assets to Andrew Corp., according to published reports. Channel Master president Bill Currer told the "Charlotte Observer" that he expects the company to be sold by November.
Channel Master blamed its bankruptcy on the loss of its biggest customer, EchoStar, according to the paper.