Cable Ready Corp. in Norwalk, CT, has filed for Chapter 11 bankruptcy protection this week. The distributors of Inside the Actor’s Studio, Live from Lincoln Center, and other recognized shows is set to make its first appearance in front of the United States Bankruptcy Court in Bridgeport on Tuesday. With the help of a bankruptcy attorney, Cable Ready Corp. intends to use the Chapter 11 filing as an opportunity to tap cash from lender claims and continue operating without disruption. Unless the Chapter 11 filing is approved with the help of a bankruptcy attorney, the path forward could prove difficult for Cable Ready Corp.
How Chapter 11 Provides a Future Strategy
Since 1992, Cable Ready Corp. has been a leading distributor of television shows, not only in the United States, but internationally as well. Both cable television and satellite networks have released these television programs. Aside from developing shows, Cable Ready Corp. also provides TV-consulting services. Fortunately, with the help of a bankruptcy attorney, Cable Ready hopes to be able to pave a strategy for moving forward.
In their Chapter 11 filing, Cable Ready revealed that they are $4.46 million debt but only have $3.17 million in assets. Included in the debt is the $1.47 million to Cable Ready’s lender, Norwalk Bank and Trust. To recover after the Chapter 11 bankruptcy, Cable Ready has plans to consolidate its production requirements. By reducing the scope of production, Cable Ready Corp. will be able to eliminate wasted costs and become financially competitive with competitors around the globe.
With the help of a bankruptcy attorney, Cable Ready Corp. is positioning itself for a major comeback after its Chapter 11 filing. Many companies, such as Oreck, Marvel, and Six Flags, have experienced successful business after filing for Chapter 11 with the help of a bankruptcy attorney. Unless the Chapter 11 filing is approved by the U.S. Bankruptcy Court in Bridgeport, Cable Ready Corp. could potentially be forced to shut down. However, the help of a bankruptcy attorney makes it likely that Cable Ready will be able to secure its lender’s claims.