NATPE Files To Restructure Under Chapter 11
The National Association of Television Program Executives today 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 that it, “like many other professional organizations, has been adversely impacted by the COVID pandemic, which prevented NATPE from holding events, which typically generate significant revenue. These cancellations forced NATPE to operate on its financial reserves, which now require it to reorganize the NATPE business structure.”
Due to the rise of different strains of COVID-19 at a time when infections were at its highest, NATPE was forced to cancel its flagship conference and marketplace events in 2021 and 2022. In January, after serious consideration of the health and safety of all attendees in response to one of the biggest spikes in COVID infections, NATPE canceled the in-person event planned for Jan. 18-20, 2022, in Miami, Florida.
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 Jan. 17-19, 2023. Today, it said: “Building on a very successful 2022 event, NATPE plans to return to Budapest for its European marketplace and networking event in June, 2023. NATPE does not presently intend to cancel the two events scheduled for 2023.”
NATPE said it is “looking at all possible options to restructure, including raising funds through strategic alliances, and continue to operate NATPE as a more streamlined and reorganized operation. For almost 60 years, NATPE has been the leading global professional association for content producers, distributors, developers, streamers and buyers across all distribution platforms. NATPE is optimistic that it will emerge from the reorganization process in the same position.”