Plum TV, a cable channel aimed at wealthy viewers in vacation hotspots, filed for bankruptcy Tuesday as part of a sale of its assets.
The network will be purchased by a group of investors including former Univision president Terry Mackin and former Titan Worldwide chairman Bill Apfelbaum. They will assume control of the assets under Section 363 of the U.S. Bankruptcy Code, which allows for a “stalking horse” bid supervised by the U.S. Bankruptcy Court for the Southern District of New York, where Plum filed for Chapter 11.
The investor group will also lend Plum $1 million that will allow the channel to continue operations.
Plum was launched a decade ago by Nantucket Nectars co-founder Tom Scott. The channel is available in markets including Aspen, Vail, Nantucket, Martha’s Vineyard, the Hamptons, Telluride, Sun Valley and Miami Beach.
“While a filing is a difficult choice, after a tough time for the company, it is the right choice,” said Scott. “As longtime, visionary senior media executives, Terry and Bill have excellent track records and we believe the Plum TV brand will be well positioned when it emerges from the proposed asset sale.”