Prospect Park has filed for a Chapter 11 bankruptcy, according to a report from the Los Angeles Times. The production company, which was produced by Rich Frank and Jeff Kwatinetz, spent over three years and $10 million to revive the canceled ABC soaps, “All My Children” and “One Life to Live.”
While the two shows hit Hulu in April 2013, both faced difficulties continuing, including a lack of audience, money and union issues. Prospect Park even went the route of changing the viewing schedule from going to four new episodes a week each day to releasing all four shows on the same day for both shows. The schedule changed again when the production company released two episodes a week for each show.
After shelving “OLTL” due to its battle with ABC, Kwatinetz planned on focusing on “AMC” and bringing it back from its hiatus, however it could not financially be done and both ended up canceled yet again.
The company released a following statement:
“The Chapter 11 filing in no way impacts PPN’s litigation against the American Broadcasting Companies, Inc. In addition, the bankruptcy filing will allow PPN the timing flexibility to collect on a tax credit from the Connecticut Office of Film, Television & Digital Media.”
