NEW YORK, Jan. 13, 2012 /PRNewswire/ -- Plum TV, Inc., owner of the Plum Network of local cable TV channels serving upscale and resort markets around the country, and its subsidiaries (collectively, the "Company"), announced today that the United States Bankruptcy Court for the Southern District of New York has scheduled a hearing for January 30, 2012, to consider auction procedures for the sale of the Company's assets under Section 363 of the Bankruptcy Code.
Additionally, the Bankruptcy Court approved a $250,000 interim loan to the Company by a "stalking horse" bidder to be used to fund ongoing operations. If the Court-supervised auction procedures are approved at the January 30 hearing, the Company anticipates that an auction of the Company's assets will be held on March 1, 2012.
Interested parties should contact Scott Williams, the Company's Chief Restructuring Officer, at [email protected], or (914) 320-5900.
The Plum TV, Inc. bankruptcy counsel is SilvermanAcampora located in Jericho, New York.
SOURCE Plum TV, Inc.