VidAngel is a movie filtering company that offers its customers a specialized service that allows them to remove unsavory language or scenes from already existing films on major venues, such as Netflix, Amazon and other video streaming sites. VidAngel says it currently has millions of dollars in the bank. Some Louisiana readers may wonder, then, why the company has filed for debt relief protection.
VidAngel is currently embroiled in several lawsuits with major production companies, such as Warner Bros. and Disney. The CEO of VidAngel says filing for Chapter 11 bankruptcy will protect the company and its creditors, as well as allow it time to reorganize its business. He also stated that the company intends to persevere through existing lawsuits to protect movie viewers’ rights to filter their streaming.
Chapter 11 allows businesses or individuals to continue to make payments to creditors by restructuring payment plans. Ownership is retained and business typically proceeds as usual. There are eligibility requirements that must be fulfilled in order to file for this type of debt relief protection.
Just because a particular form of debt relief works in one person’s or business’s circumstances does not mean it is a one-size-fits-all solution. A Louisiana bankruptcy attorney can help those in this state facing serious financial problems in exploring any and all options available to resolve unmanageable debt problems. Many times, restored financial stability is just over the horizon, and a Chapter 11 debt reorganization can help get there; sometimes, it is simply a matter of knowing what resources are available and how to access them.
Source: heraldextra.com, “VidAngel files for Chapter 11 bankruptcy protection,” Kurt Hanson, Oct. 10, 2017