‘Inside Actors Studio’ Distributor CableReady Files for Bankruptcy
CableReady, the international television program distribution and development
company, announced today that the company has filed for protection under
Chapter 11 of the United States Bankruptcy Code in United States Bankruptcy
Court for the District of Connecticut in Bridgeport, Conn.
“I am saddened,” said CableReady President and CEO Gary Lico. “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.”
CableReady’s programming includes “Inside the Actors Studio,” which plays on
Bravo in the United States and is distributed in 100 countries; “Live From
Lincoln Center,” “Forensic FIles” on TruTV and several others.
In 2012, CABLEready opened its
first new office since the company was formed in 1992. The New York office
served as a metropolitan base for the Norwalk, Conn.-based company to expand
its activities involving the East Coast production community, cable networks
and multi-platform program buyers.