Prospect Park Networks, has filed for bankruptcy protection through Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. This is only for it's digital soaps division. This is the division that brought you All My Children and One Life to Live.
Prospect Park said the bankruptcy filing “in no way impacts PPN’s litigation” against ABC. PP will continue their case with ABC seeking $95 million dollars in damages.
Prospect Park’s TV productions of Royal Pains on USA Network, Wilfred for FX, and Salem for WGN America will not be touched.
“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 company is optimistic about the prospects for a smooth transition into bankruptcy.”
While they are able to go on with their talent and management company and their cable TV productions it is a sad end to the hopes of all fans of One Life To Live and All My Children.
We must remember though how they tried for three years to give viewers their beloved soaps back and give them credit for that.