Yesterday afternoon it was revealed AfterShock Comics LLC had filed for Chapter 11 bankruptcy protection, and today, the company has released a statement.
In their statement, which you can read in full below, AfterShock Comics LLC states the intent of filing for Chapter 11 was to allow the company to maintain operations, including paying employees and following through on commitments to contracted creators.
You can read the official statement in full, below.
After much deliberation, AfterShock Comics LLC has voluntarily filed a petition for protection under Chapter 11 of the United States Bankruptcy Code to enable the Company to restructure its senior secured facility as well as being in a position to secure additional financing to continue to operate its business.
The intent of this decisive action, among other considerations, is to allow the Company to maintain operations in the ordinary course including, but not limited to, paying employees and continuing existing benefits programs,, upholding and following through on commitments to contracted creators, as well as vendors who supply goods and services related to marketing, merchandising and advertising. AfterShock will continue to operate, publish and market comic books and graphic novels to supply to direct market retailers and mass accounts through its distributors in accordance with all federal, state and local guidelines.
We regret the inconvenience this has caused to those we work with and may cause in the near future. However, we believe that going forward this will allow us to best position the Company for long-term success.
Filing for Chapter 11 of the Bankruptcy Code generally provides for reorganization, so don’t count AfterShock Comics out yet!
AferShock
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