Carlos Vasallo Cine Nostalgia
America CV Station Group, the company owner of the broadcast and antenna licenses of America TeVé, one of the main Hispanic television channels in Miami, declared bankruptcy last Tuesday.
This was due to the fact that they cannot meet their debts and need restructuring or to sell some of their properties, according to what is reflected in court documents.
America CV Station Group had to begin the insolvency process by invoking Chapter 11 of the Bankruptcy Law, which allows a company to continue operating while it develops a reorganization plan to get out of debt with its creditors in Miami, New York and Puerto Rico.
The programming will not be altered because America CV Network, the operating company of Canal 41-WJNA, is not included in the bankruptcy.
Carlos Vasallo, president and CEO of America CV Network, clarified the situation of America CV Station Group, on the TV program A Fondo, where he explained that the decisión does not affect the operations or the development plans of América CV Network, and he restated the network´s commitment with its audience.
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