05-18-2018, 10:19 AM
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Confirmed User
Industry Role:
Join Date: Aug 2003
Location: Vegas and Los Angeles
Posts: 2,122
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To avoid confusion, this is from Penthouse:
Quote:
Indeed, you have recently received a Court notification stating that PENTHOUSE (which filed for relief under Chapter 11 on January 11, 2018) will be entering into a sale process.
There are many types of bankruptcies in the United States legal system. Chapter 11 is utilized for the restructuring of a company’s balance sheet (e.g. debt). American Airlines, MGM, and General Motors are examples of Chapter 11 bankruptcies. Unlike American Airlines and GM, our plan has been pre-negotiated and agreed to by an overwhelming majority of the different constituents.
No one should confuse what we are doing with a Chapter 7. A Chapter 7 is liquidation. Companies that don’t generate cash or have no future end up in Chapter 7. This is *NOT* a Chapter 7. We all believe that this company has a bright future, and we remain confident that Ms. Kelly Holland, the current PENTHOUSE’s CEO, will be able to redeem the company with the help of known and well established investors.
I’d like to underline that the company has ran its business as usual while in Chapter 11, and we intend to CONTINUE with the same course until the sale and after WITHOUT impacting our contractual services delivery/our broadcasting operations.
It’s business as usual is the short answer !
We are anticipating honoring all of our existing agreements and providing the same great customer/viewer/user experience as always. The broadcasting operations WILL NOT be affected by the sale process.
I’ll notify you of the outcome next month as soon as the sale process is officially completed.
Should you have any concerns, I am more than happy to set up a call with you in order to waive any possible misunderstanding or misleading interpretation.
Warm regards,
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