Prospect Park Networks, the company behind the online reboots of soap operas All My Children and One Life to Live, filed for bankruptcy on Monday in Delaware.
PPN, separate from Prospect Park’s TV production, talent and management divisions, says the bankruptcy filing will “allow PPN the flexibility to collect on a tax credit from the Connecticut Office of Film, Television & Digital Media.” The filing will not impact the company’s multi-million dollar lawsuit against the ABC Television Network, which alleges ABC conspired to sabotage Prospect Park Network’s efforts to re-launch the series online.
Prospect Park issued a statement yesterday:[textblock style=”9″]Prospect Park Networks, LLC (“PPN”) today announced that it has filed a voluntary petition for protection under Chapter 11 of the U.S. Federal Bankruptcy Code in the District of Delaware. Prospect Park, the talent and management company, is unrelated to PPN and not included in the bankruptcy filing.
PPN produced “One Life to Live” and “All My Children” and in August 2013, PPN ceased production on the programs.
The Chapter 11 filing in no way impacts PPN’s litigation against the American Broadcasting Companies, Inc. In addition, the bankruptcy filing will allow PPN the timing flexibility to collect on a tax credit from the Connecticut Office of Film, Television & Digital Media.
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 is optimistic about the prospects for a smooth transition into bankruptcy.[/textblock]