NATPE, which has convened annual gatherings of producers, syndicators, station owners and other TV stakeholders for decades, has filed for bankruptcy.
The organization cited the impact of Covid and said it planned to continue holding events, including the annual January conference, which has been shifted to the Bahamas from its longtime Miami base.
The official Chapter 11 filing is expected to happen Tuesday, but today’s announcement is intended to give the industry and attendees advance warning.
The intention behind seeking a formal remedy is to reorganize the organization’s operations. The pandemic “prevented NATPE from holding events, which typically generate significant revenue,” a press release said. “These cancellations forced NATPE to operate on its financial reserves, which now require it to reorganize the NATPE business structure.” In June, NATPE held its first in-person marketplace in two years at the Intercontinental Hotel in Budapest, Hungary.
Read more on deadline.com
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