Cable TV Distributor Files for Bankruptcy

The distributor of such cable-television shows as “Inside the Actors Studio” and “Live from Lincoln Center” has sought Chapter 11 bankruptcy protection.

Cable Ready Corp., of Norwalk, Conn., filed its Chapter 11 petition Friday (h/t Connecticut Post). It’ll make its first appearance before the U.S. Bankruptcy Court in Bridgeport on Tuesday with an urgent request—to tap the cash securing its lender’s claims so it can continue operating.

“Without authorization…the debtor will suffer immediate and irreparable harm as it would be unable to pay for operating and payroll expenses at a level that is essential to sustaining its operations, thereby forcing the debtor to effectively close down,” Cable Ready warned in court papers.

Founded in 1992, Cable Ready sells TV programs to cable and satellite networks around the world as well as to airlines and cruise ships. It also develops shows and provides TV-consulting services.

Among Cable Ready’s roster of shows is “Inside the Actors Studio,” which it first sold to Bravo in 1994. The show, during which James Lipton sits down with A-List movie stars, recently celebrated its 250th episode.

Other shows include the highbrow (“Live from Lincoln Center” features music and dance performances at the renowned Manhattan theater) and the lowbrow (“Hollywood Girls Night” is a reality show that follows a soap opera actor and a former “Doritos commercial star,” according to the description). Rounding out the list are “Oddities San Francisco,” “Wilson Phillips: Still Holding On,” “Standup in Stilettos” and “Disney Parks.”

The company said the various hurdles it faces—consolidation in the production industry, a price squeeze by larger competitors and the uncertain global economy—left it with no choice but to seek shelter in bankruptcy court. It hopes to use its restructuring to cut costs and emerge “as a strong, viable business.”

Cable Ready reported $3.17 million in assets and $4.46 million in debts in its bankruptcy petition. Its debt load includes $1.47 million owed to lender Norwalk Bank and Trust.

Write to Jacqueline Palank at [email protected]. Follow her on Twitter at @PalankJ.