Aereo set for asset sale
November 25, 2014
By Colin Mann
Internet entertainment streaming service Aereo, which November 21st filed a voluntary petition for Chapter 11 reorganisation in the US Bankruptcy Court for the Southern District of New York has suggested there is substantial interest in the company’s assets. Aereo suspended its operations June 28th following the Supreme Court copyright decision in favour of US broadcasters.
William Baldiga, Aereo’s lawyer, said the company was now “highly focused” on devoting all its energy and limited resources to a transaction that would produce the highest and best return for its creditors and shareholders, revealing that “We do enjoy very substantial interest in the assets.”
US Bankruptcy Judge Sean Lane November 24th approved a series of requests by Aereo to allow what remains of the company to function while it liquidates.