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> 4Kids Entertainment Files for Bankruptcy Under Chapter 11, Bad news for kids
Kendall112
post Apr 7 2011, 7:39 AM
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From Yahoo Finance
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NEW YORK--(BUSINESS WIRE)-- 4Kids Entertainment, Inc. (Pink Sheets:KIDE.pk - News), the global children’s entertainment and merchandise licensing company, announced today that it has filed a petition in bankruptcy for relief under Chapter 11 of the U.S. Bankruptcy Code. The bankruptcy filing in the U.S. Bankruptcy Court for the Southern District of New York also covers all of the domestic wholly-owned 4Kids subsidiaries. 4Kids Entertainment International, Ltd., the Company’s subsidiary based in London England, is not part of the bankruptcy filing.

In conjunction with the Chapter 11 filing, 4Kids also filed a variety of first day motions that will allow the Company to continue to manage operations in the ordinary course.

"We want to assure our clients, business partners and licensees that during the pendency of the bankruptcy, 4Kids will continue to provide the same level of service and dedication that it has in the past," said Michael Goldstein, interim Chairman of 4Kids Entertainment, Inc. "The Company will also continue to explore its strategic alternatives, including, the possible sale of the business or reorganization as a stronger and more focused company,".

The 4Kids bankruptcy filing automatically “stays” the lawsuit filed by the licensors of the Yu-Gi-Oh! property, Asatsu-DK Inc (“ADK”) and TV Tokyo Corporation, (collectively, the “Licensors”) on March 24, 2011 against 4Kids, until such time as the Court may order otherwise.

"We have made every effort to reach agreement with the Licensors," said Goldstein. "When the Company did not receive a positive response from Licensors to its settlement proposal, the Board of Directors was left with little choice but to authorize the filing of a bankruptcy petition under Chapter 11 in order to best preserve the business and assets of 4Kids Entertainment. We continue to believe that the purported termination of the Yu-Gi-Oh! Agreement was wrongful and that 4Kids’ assessment of the audit claims will be vindicated in court. If the Court rules in favor of the Company, 4Kids will pursue the full measure of damages for the significant injury the Licensors have caused to the business of 4Kids," concluded Goldstein.

4Kids is represented in its bankruptcy filing by its long standing outside counsel, Kaye Scholer LLP.

About 4Kids Entertainment, Inc.

With U.S. headquarters in New York City, and international offices in London, 4Kids Entertainment, Inc. (Pink Sheets:KIDE.pk - News) is a global organization devoted to the creation, development, production, broadcasting, distribution, licensing and manufacturing of children’s entertainment products.

Through its subsidiaries, 4Kids produces animated television series and films, distributes 4Kids’ produced or licensed animated television series for the domestic and international television and home video markets, licenses merchandising rights worldwide to 4Kids’ owned or represented properties, operates Websites to support 4Kids’ owned or represented properties. Additionally, the Company programs and sells the national advertising time in “TheCW4Kids” five-hour Saturday morning block on The CW television network.

Additional information is available on the www.4KidsEntertainment.com corporate Website and at the www.4Kids.tv game station site.

The information contained in this press release, other than historical information, consists of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors beyond the Company's control, including general economic conditions, consumer spending levels, competition from toy companies, motion picture studios and other licensing companies, the uncertainty of public response to the Company's properties and other factors could cause actual results to differ materially from the Company's expectations.

Looks like 4kids may be closing

This post has been edited by Kendall112: Apr 7 2011, 7:40 AM


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mightymarty2
post Apr 7 2011, 7:46 AM
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Firstly it seems like this has been comming for a while. However I don't think its the end as if they win the court case that will help them, it just depends on there debt. As they have been allowed to carry on trading there must be some hope of 4kids comming out of bankruptcy.


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humbu111
post Apr 7 2011, 8:12 PM
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Noooooo that sucks ! (N) Hopefully it'll get sorted out (yn). Actually I dont really care anymore since they stopped showing Winx anyways. Teehee.


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winxclubrox23
post Apr 7 2011, 11:26 PM
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Yeah, I don't even care anymore. Now that they've sold TMNT, and lost the rights to Winx and who knows what the heck is going on with Huntik. I just don't care.

Speaking of Huntik, I wonder if they're going to be coming out with an English dub with another company? Because that was actually such an epic show.


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Zentron
post Apr 8 2011, 11:33 PM
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*Yayyy* that 4Kids has filed for bankruptcy, but *boo hiss* that the London dept is not included icon_sad.gif

This post has been edited by Zentron: Apr 8 2011, 11:33 PM


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Jahnavi
post Apr 13 2011, 7:06 AM
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Zomg, Huntik! Yeah, I think that's my real concern right now, too. What ever happened to Huntik's second season? Is it out/going to come out or...?


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winxclub-joy
post Apr 13 2011, 7:39 AM
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I should say.... yaa, finally. 4kids gone bankrupt, no more ruining every shows... no longer need to replace/dub sushi/riceball with/as sandwiches or biscuits anymore!

Seriously, I'm glad that they have come to an end. I sounds so bad... but yeah... for some reason.... I seriously think that they deserves it.


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Lein
post Apr 14 2011, 6:09 AM
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I had a feeling that this was gonna happen. The shows that are on right now are kinda dull in my opinion.
They just keep showing the same cartoon for the last two years. There was nothing new anymore.

I do wonder what is going to happen to Chaotic, that was the only show that I still care about that 4kids own.
I think they still own it.
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P-girl
post Apr 14 2011, 7:40 AM
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There's a shocker....

No more cultures you wanted to pretend don't exist except American. No more plots you wanted to pull out of your behind because you taught you could do better then the original creators. No more useless censoring because they think 'Kid-friendly' = 'Not showing them ANYTHING'. No more blabbing you wanted to insert in silent sequences because it wouldn't be obvious enough. (Yeah, that's probably my biggest peeve)
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Jahnavi
post Apr 14 2011, 2:17 PM
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QUOTE (winxclub-joy @ Apr 13 2011, 12:39 PM) *
no longer need to replace/dub sushi/riceball with/as sandwiches or biscuits anymore!

...But that was hilarious. xD


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dreamywinxgirl94
post Apr 14 2011, 10:41 PM
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To Jah: Though, I don't watch Huntik (but their Intro Opening was Catchy. xD). Season 2 of Huntik is coming in Fall 2011 to Italy. Been seeing News about it when looking for Winx Club News. =)

I"m surprised I didn't comment here. ^^" Well at first I was sad, but was happy because my favorite show, Winx Club, will be coming to Nickelodeon. xD That's the only show I watched in 4kids.tv =) Sadly, I have to get use to the new changes (will get use to it in no time. xD), but the voice actors from 4kids.tv were great and will be in my memory to remember.

Lol, Joy. xD


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Jahnavi
post Apr 16 2011, 12:53 AM
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Thanks, Rita. Is there any news about the English version of Huntik, though? I mean, now the 4kids is going under, who's going to dub it?


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dreamywinxgirl94
post Apr 16 2011, 5:03 PM
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Your welcome, Jah. =) Not yet, I only heard the Italian Version so far. I will let you know if I find anything about the release date for English.
I really don't know. =/ Will keep you an update if I find out who will be dubbing for Huntik.


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mightymarty2
post Apr 16 2011, 5:47 PM
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I am not sure but I would have thought that may be the international division as it does go worldwide, as I am sure the UK got 4kids version


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Jahnavi
post Apr 17 2011, 7:16 AM
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Yeah, and maybe Rainbow could do a dub themselves, like they do for Winx...


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dreamywinxgirl94
post Apr 19 2011, 1:46 AM
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Maybe it might be a chance to go on Nick. No one knows since Nick is a popular network for kids and teens. Or probably Cartoon Network.
(Disney Channel = no)


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