The story continues … with news today out of Variety, that Prospect Park Networks, the digital soaps division that brought you the All My Children and One Life to Live revivals has filed for bankruptcy protection through Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Delaware.
Prospect Park Networks said the bankruptcy filing “in no way impacts PPN’s litigation” against ABC. Prospect Park Networks continues its case with ABC seeking $95 million dollars in damages! In addition, the bankruptcy filing will give PPN “timing flexibility” to collect on a tax credit from the Connecticut Office of Film, Television & Digital Media, the company said.
Unaffected from this filing are Prospect Park’s, the talent and management company, and Prospect Park’s TV productions: Royal Pains on USA Network, Wilfred for FX, and Salem for WGN America.
“PPN is optimistic that this filing will make it possible to continue to maximize the value of its assets and settlement of past liabilities,” the company said in a statement. “The company is optimistic about the prospects for a smooth transition into bankruptcy.”
What do you think about the news of the bankruptcy filing, when it would seem they were left with no choice? Let us know!