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Prospect Park Networks Files for Bankruptcy

March 11, 2014 3:19 pm by: Category: Business, Entertainment, hollywood, Lifestyle, News Leave a comment
Prospect Park Networks

Prospect Park Networks filed for Chapter 11 bankruptcy. (Coutesy image)

A network in Century City who tried to revive television soap operas All My Children and One Life To Live has filed for bankruptcy, according to the United States Bankruptcy Court in Delaware. Prospect Park Networks LLC officially filed for Chapter 11 protection on March 10, court records indicated.

The bankruptcy filing does not include the Prospect Park talent arm, according to news sources. Similarly, Prospect Park Networks will still be allowed to proceed with a lawsuit it filed against ABC in April 2013.

Judge Mary Walrath will oversee the bankruptcy proceedings.

“[Prospect Park Network] 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,” the company said in a released statement.

The network had obtained the rights All My Children and One Life To Live after ABC cancelled both soap operas in 2011 and relaunched the television programs in 2013.

Multiple news reports indicate while the network filmed a full season of both soap operas for online viewers, a second season would probably not be in the works due to the bankruptcy filing.

Separate from the bankruptcy filing, Prospect Park Networks filed a $25 million lawsuit against ABC, alleging the television network sabotaged the Century City production company from relaunching All My Children and One Life To Live online.

Prospect Park Networks had also planned to build The Online Network, or TOLN, an Internet platform of content featuring programs such as All My Children and One Life To Live.

The talent arm of Prospect Park features clients such as Ice Cube and Korn on its roster. Similarly, Prospect Park’s television division produced Royal Pains, which aired on the USA Network.

According to news reports, both the talent and television arms of Prospect Park will continue to operate and are not part of the bankruptcy.

Prospect Park Networks Files for Bankruptcy Reviewed by on . [caption id="attachment_95775" align="alignleft" width="300"] Prospect Park Networks filed for Chapter 11 bankruptcy. (Coutesy image)[/caption] A network in Cen [caption id="attachment_95775" align="alignleft" width="300"] Prospect Park Networks filed for Chapter 11 bankruptcy. (Coutesy image)[/caption] A network in Cen Rating: 0

About Parimal Rohit

Parimal Rohit Photo
Parimal M. Rohit is the Managing Editor for the Mirror Media Group. He has been a journalist since 2006 and is an alumnus of UCLA and the University of San Francisco. Prior to joining the Mirror Media Group, Parimal was a Staff Writer at The Signal in Santa Clarita, an Editor-in-Chief of BuzzineBollywood.com, and a Sports Columnist at Campus Circle, among other publications.

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