LOS ANGELES, Calif.—In a notable example of the ongoing impact of Covid 19, the National Association of Television Program Executives (NATPE) has announced that it will file a court petition to restructure its business affairs with the Bankruptcy Court under Chapter 11 of the Bankruptcy Code.
NATPE said it will be filing the petition in US Bankruptcy Court of the Central District of California. Chapter 11 allows business to continue operating while working out a plan in bankruptcy court to repay its creditors.
NATPE said that, like many other professional organizations, it has been adversely impacted by the COVID pandemic, which prevented NATPE from holding events that typically generate significant revenue.
These cancellations forced NATPE to operate on its financial reserves and ultimately forced it to file for Chapter 11 to reorganize the NATPE business structure.
NATPE said that it is looking at all possible restructuring options, including raising funds through strategic alliances, and that it will “continue to operate NATPE as a more streamlined and reorganized operation.”
The organization also said that it intends to go ahead with the two previously announced events in the Bahamas and Budapest, Hungary planned for 2023.
In June, NATPE held its first in-person marketplace in two years at the Intercontinental Hotel in Budapest, Hungary and announced that its annual January event will be relocated from Miami to the Baha Mar Resort in Nassau, Bahamas. This live event is currently scheduled for January 17-19, 2023.
Building on a very successful 2022 event, NATPE plans to return to Budapest for its European marketplace and networking event in June, 2023.
