March 10 (Bloomberg) -- Prospect Park Networks LLC, the producer of soap operas “All My Children” and “One Life to Live,” sought bankruptcy protection from creditors, saying it intends to wind down operations.
The company, based in Los Angeles, listed debt of as much as $50 million and assets of as much as $100 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Talent and management company Prospect Park isn’t a part of the bankruptcy filing.
“All My Children” ended its 41-year run on daytime television in 2011 and “One Life to Live” aired its final daytime episode after 43 years in 2012 as television networks move toward programming such as talk and game shows, cooking, health and wellness and finance.
In canceling the shows, ABC said it was shifting to target what research had shown audiences wanted.
Prospect Park Networks sought to revive the shows online in a deal with daytime partner ABC, a unit of Walt Disney Co. Production ceased again in 2013. The company owes ABC about $1.7 million, according to court documents.
The company sued ABC in April 2013 for breach of contract in state court in Los Angeles, according to court records.
“The Chapter 11 filing in no way impacts PPN’s litigation against the American Broadcasting Companies Inc.,” the company said in an e-mailed statement. “PPN is optimistic that this filing will make it possible to continue to maximize the value of its assets and settlement of past liabilities.”
Kim Harbin, a spokeswoman for ABC, said the company had no comment regarding the online production arrangement with Prospect Park Networks or the lawsuit.
“All My Children” premiered in 1970 and revolves around citizens of the fictional upscale town of Pine Valley. It won three Emmys. “One Life to Live,” set in the fictional town of Llanview, made its debut on ABC in 1968 and marked its 10,000 episode in 2007.
The case is In re Prospect Park Networks LLC, 14-10520, U.S. Bankruptcy Court, District of Delaware (Wilmington).
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