The National Association of Television Program Administrators (NATPE), which organizes commercial shows for the television industry, announced Monday that it will file for bankruptcy.
The organization said the pandemic forced it to cancel its major events, resulting in lower revenues and having to rely on reserves. A bankruptcy filing was expected as soon as Tuesday.
NATPE said it will restructure under Chapter 11, and that it still plans to hold its annual conference on January 17-19, 2023 in the Bahamas.
“NATPE is looking at all possible options for restructuring, including raising funds through strategic alliances, and continuing to operate NATPE as a more streamlined and structured operation,” the group said in a statement. For nearly 60 years, NATPE has been the leading global professional association for content producers, distributors, developers, broadcasters and buyers across all distribution platforms. NATPE is optimistic that it will emerge from the reorganization in the same situation.”
NATPE is a non-profit organization. According to tax returns, revenue was in decline even before the pandemic, from a peak of $9.1 million in fiscal year 2015 to $7.1 million in fiscal year 2020, the most recent year for which revenue is available.
In October 2020, the organization was sued by its owner for non-payment of rent for its former office building. The case was resolved the following year.
NATPE has canceled its in-person conferences in Miami in January 2021 and January 2022, holding virtual events instead. According to the 2020 tax return, the last in-person conference brought in $5.4 million in revenue.
The group resumed in-person events in June, and held its market in Budapest. At the same time, the group announced that the Miami Conference will move from Miami to Nassau.
The Budapest event is expected to return in June 2023.
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