Aereo, the streaming TV service that let users watch near-live TV on mobile devices, has announced that the company is filing for Chapter 11 reorganization in the US Bankruptcy Court for the Southern District of New York.
The company has appointed Lawton Bloom, of financial crisis management specialists Argus, to serve as its Chief Restructuring Officer during the shutdown process.
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In a post on the company blog, punningly-titled “The Next Chapter”, Aereo’s CEO and founder Chet Kanojia says:
“While we had significant victories in the federal district courts in New York and Boston and the Second Circuit Court of Appeals, the reversal of the Second Circuit decision in June by the U.S. Supreme Court has proven difficult to overcome. 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.”
The news wasn’t unexpected as Aereo announced layoffs at its Boston and New York offices earlier this month.
➤ The Next Chapter [Aereo]