Aereo has filed for Chapter 11, the company announced Friday morning. After courtroom defeats against big broadcasters this summer, the online streaming service made the decision to close down this month, laying off its team of 43 at Aereo’s Boston office.
In a blog post, chief executive Chet Kanojia explained the decision:
The U.S. Supreme Court decision effectively changed the laws that had governed Aereo’s technology, creating regulatory and legal uncertainty. And while our team has focused its energies on exploring every path forward available to us, without that clarity, the challenges have proven too difficult to overcome.
Chapter 11 will permit Aereo to maximize the value of its business and assets without the extensive cost and distraction of defending drawn out litigation in several courts.
Kanojia has appointed a chief restructuring officer, Lawtom Bloom of financial consulting firm Argus, who will steer the company through the way forward.
You can read the full post here. The bankruptcy filings are below.