DirectTV’s Back9Network Channel Files for Bankruptcy

by San Antonio Attorney

DirecTV aired golf channel Back9Network before it was cancelled in February. The channel has filed for Chapter 11 bankruptcy last December 23. It has a $2 million offer for a Smartphone app that mapped out more than 35,000 golf courses around the world.

Prospective investors expressed their interest in saving the app and even offer to pay the channel’s debts. These include a $4.75 million loan from Connecticut’s economic development agency.

The app has been downloaded more than three million times. The reason why the app is a hot sell is because it provides GPS mapping for more than 35,000 golf courses in 130 countries.

Established in 2010, the channel pointed out that it lacked funding to maintain its position in the network, despite investors $38 million to the company. It also focused less on airing golf matches and instead aired a format of “lifestyle” programming.

According to the documents filed in the bankruptcy court, Back9Network lawyers blamed “the deceleration of U.S. pay television household growth” as a main factor for its bankruptcy.

The company, previously employed 80 people, is now reduced to only two senior employees namely: Chief Executive Charles Cox and Chief Revenue Officer Reid Gorman.

The five remaining investors include: Karl Krapek, Denis Nayden, Ted Rossi, Paul Raether and Brian Furbish.

These five investors will follow a new purchase plan and will continue to repay approximately $4.75 million in low-interest loans that are extended through Connecticut’s media tax credit program.

Since its collapse, more than 200 investors have been affected, these includes tech entrepreneurs, medical industry employees, business executives and golf players. Part owners include team owner David Blitzer and basketball coach Geno Auriemma.

A repayment plan will be filed by February 1, 2016 and is subjected to approval by Judge Ann Nevins.

 

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