Prospect Park Networks, the online production company that revived “All My Children” and “One Life to Live” online, has filed for Chapter 11, reports Deadline.com.
The company filed for bankruptcy even as its multimillion-dollar legal action against ABC over the soaps continues, the story notes.
“The action today leaves little room for the resurrection of ‘All My Children’ and ‘One Life To Live’ in their last online incarnation. After a long-awaited first season online, both soaps ceased production last August,” the piece notes.
“PPN 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 said in a statement.
The filing doesn’t impact the Prospect Park management and talent company created in 2008 by Jeff Kwatinetz and ex-Walt Disney Studios president Richard Frank, the piece adds. It also won’t impact the company’s current productions, which includes “Wilfred” on FX and “Royal Pains” on USA Network, the story notes.