US-based distributor CableReady has filed for Chapter 11 bankruptcy protection in a US court. The company, run by industry veteran Gary Lico (above), said it had explored all options to stave off Chapter 11 including the sale of the business.
Lico, a well-known industry figure and regular attendee at all international programming markets founded the company in 1992. He said he was saddened by the Chapter 11 filing. The distributor’s top shows include Inside The Actors Studio and Medical Detectives and Lico said current market conditions had forced it into Chapter 11.
“The Company explored every possible alternative to avoid filing for Chapter 11, which included an extensive search to find a buyer for CableReady,” he said. “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.”
He added: “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.”
Lico added that CableReady will continue to operate through the Chapter 11 period and pledged that all buyers would receive programmes already ordered and that development will continue on early-stage projects.
He concluded: “We are convinced that through the Chapter 11 process, like so many companies before us, CableReady can be restored to financial health. We’ve never ever been quitters as our friends and clients know.”