Plum TV files Chapter 11
Michelle Clancy ©RapidTVNews | 05-01-2012 Affluence-targeted programming may not be the right message for today's recession-hit environment exemplified by Plum TV filing chapter 11 bankruptcy proceedings.
Despite the move, Plum, which runs a gaggle of local cable TV channels in the U.S. serving upscale and resort markets around the United States, has its believers who are not willing to throw in the towel, so service interruptions will not be a factor if all goes well.
A "stalking horse" bid for a supervised auction of the company's assets Terry Mackin, president of Greenwich, CT-based ForesightLab, and Bill Apfelbaum, chairman of New York City-based Media Ventures Group, has been submitted, which will keep Plum TV programming up and running. In addition, the investor group has agreed to lend the company $1 million in debtor-in-possession financing.
"We want to reassure our audiences and advertisers that Plum TV remains in business and will continue to provide our daily programming throughout this process," said Tom Scott, Plum TV founder and Chairman.
"Plum and its respective channels continue to enjoy strong brand identification in desirable markets. With berths on cable systems serving these markets, coupled with the rapid growth of over-the-top video viewing and viewing of local content on mobile devices, the Plum Network of channels has strong distribution and viewer loyalty."