NORWALK, CONN. — 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—CableReadywas 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.
Future US's leading brands bring the most important, up-to-date information right to your inbox