CableReady loses personnel but reports buyer interest

CableReady, the US-based distributor that recently filed for Chapter 11 bankruptcy protection, has more than one potential suitor at due diligence stage of buying the company.

Founder Gary Lico says there has been progress with the ongoing legal proceedings with a “partial agreement” reached with one major creditor.

In terms of potential buyers for the firm or its assets, he said: “Potential buyers of the company are now due diligence-ing. CableReady’s development and marketing expertise, and some of the best relationships in the business are valuable to many growing companies.”

This comes as TBI learned several staff members have exited amid the financial troubles. CableReady confirmed that Lou Occhicone has left the company and added that he “has designs on a distribution start-up”.

Sales coordinator Nicole Grotheer has left the CableReady, while operations coordinator Conor Ferguson has also left, landing a role at NBC Sports.

Reess Kennedy who was running CableU, CableReady’s programme channel analysis service, has, meanwhile, struck out on his own.

Having bought the CableU assets, he has launched a new service with no affiliation to CableReady, RatingsIntel. The Manhattan-based company offers ratings and programming data as well as analysis on US broadcast and cable channels.

Lico said that while the Chapter 11 and bankruptcy process moves ahead he plans to attend MIPCOM along with sales executive David Brumel.