Mumbai: The National Association of Television Program Executives (Natpe) has announced its plan to restructure its business affairs with the Bankruptcy Court under Chapter 11 of the bankruptcy code. It said, "Like many other professional organisations, Natpe has been adversely impacted by the Covid pandemic, which prevented us from holding events, which typically generate significant revenue. Natpe was forced to operate on its financial reserves, which now required it to reorganise its business structure."
"Natpe is looking at all possible options to restructure, including raising funds through strategic alliances and continuing to operate Natpe as a more streamlined and reorganised operation. For almost 60 years, Natpe has been the leading global professional association for content producers, distributors, developers, streamers, and buyers across all distribution platforms. Natpe is optimistic that it will emerge from the reorganisation process in the same position," it said.
The emergence of new Covid-19 strains at a time when infections were at their maximum led to Natpe being compelled to postpone its main conference and market activities in 2021 and 2022.
In response to one of the largest rises in Covid infections, Natpe decided to cancel the in-person conference scheduled for January 2022 in Miami, Florida. Next year it will host an event in the Bahamas from 18-20 January instead of in Miami. It aims to return to Budapest in the summer.