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NATPE blames Covid as it files to restructure business affairs under Chapter 11

NATPE’s Budapest in-person event returned this year

The National Association of Television Program Executives (NATPE) in the US is set to file to restructure its business affairs under Chapter 11 of the Bankruptcy Code as a result of business challenges stemming from the pandemic.

JP Bommel

The company said on Monday that it is looking at “all possible options to restructure, including raising funds through strategic alliances,” as well as continuing to operate NATPE “as a more streamlined and reorganised operation.”

“NATPE, like many other professional organisations, has been adversely impacted by the Covid pandemic, which prevented NATPE from holding events, which typically generate significant revenue,” said NATPE.

“These cancellations forced NATPE to operate on its financial reserves, which now require it to reorganise the NATPE business structure.”

The company highlighted the cancellation of its flagship conference and marketplace events in 2021 and 2022 as key reasons for its financial predicament.

It was able to hold its first in-person market since the pandemic in Budapest, Hungary in June and its next event is scheduled to take place at Nassau in the Bahamas, followed by a return to Budapest in 2023. NATPE said it “does not presently intend to cancel” those two events.

The organisation, which has been in business for nearly 60 years, said it is “optimistic that it will emerge from the reorganisation process in the same position.”

C21 has confirmed that NATPE president and CEO JP Bommel will be staying on to assist with the reorganisation process.


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