, a company with cable television stations in resort areas, including the Hamptons, has filed for bankruptcy.
The news broke Tuesday, following a .
"While a filing is a difficult choice, after a tough time for the company, it is the right choice," Plum TV founder and Chairman Tom Scott said.
In conjunction with the chapter 11 filing, Plum TV Inc. has entered into an agreement to sell its assets to an investor group led by Terry Mackin, the president of ForesightLab in Greenwich, Conn., and Bill Apfelbaum, the chairman of Media Ventures Group in New York City. The investors, according to a statement to the media, will make a "stalking horse" bid during a court-supervised auction of the assets.
The investors said they have agreed to lend the Plum TV $1 million to finance the continued operations of its television stations during the selloff.
"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," Scott said. "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."