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$PNTV.0042 just filed CHAPTER 11 BANKRUPTCY!! SCUMBAG-CEO-says-it-will-benefit-shareholders... SHEESH>>>

https://www.sec.gov/Archives/edgar/data/1037131/000149315220011567/ex99-1.htm

Players Network announced today via an 8K filing with SEC that has filed a petition for Chapter 11 reorganization



LAS VEGAS, NV (June 22nd, 2020) Players Network Inc. (PNTV.PK) announced today that it has filed for Chapter 11 reorganization.



This filing will provide the company the opportunity to reorganize its debt while also dealing with what it believes to be predatory lenders affecting the company’s stock. As disclosed in the filing, the company reserves its right to file adversary claims against these lenders.



A proposed debt restructuring plan was filed with the courts and the debt holders to which may result in a significant debt reduction paid over 5 years and simultaneously reduce and possibly eliminate the convertible overhang on the company’s stock. While nothing can be assured, the company is confident it will be able to arrive at a reasonable creditor settlement as soon as the company can get in front of the courts in about 60 days depending on scheduling.



This filing is the first step in a strategic plan to reorganize the company, develop stability, and bring value to its shareholders. Additional details regarding the company’s plan will be released shortly in line with the Chapter 11 guidelines.



Mark Bradley CEO of Players Network said, The debt combined with “The COVID 19 pandemic, which shuttered Las Vegas, essentially destroyed our sources of revenue and left the board with no option but to seek chapter 11 protection. I want to say for myself, the board, and our advisors that we are bullish about our reorganization plans and believe this filing is in the best interest of our shareholders. As we progress over the next weeks, these plans will be fully disclosed and outlined to our shareholders.”





https://www.sec.gov/Archives/edgar/data/1037131/000149315220011567/form8-k.htm

Item 1.03
Bankruptcy or Receivership.



Chapter 11 Filing



On June 17, 2020 (the “Petition Date”), the Company filed a voluntary petition commencing a case under chapter 11 of title 11 of the U.S. Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Nevada (the “Bankruptcy Court”). The Company’s chapter 11 case (the “Chapter 11 Case”) is being administered under the caption, In re: Players Network., Case No. 20-12890 - mkn. The Company will continue to operate its business as a “debtor-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.



Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.


The commencement of the Chapter 11 Case described in Item 1.03 above may constitute an event of default that may accelerate the Company’s obligations under outstanding promissory notes in the aggregate approximate principal amount of up to $5,000,000 (collectively, the “notes and all debt combined”).



Any efforts to enforce the payment obligations under the Notes are automatically stayed as a result of the filing of the Chapter 11 Case, and the creditors’ rights of enforcement in respect of the Notes are subject to the applicable provisions of the Bankruptcy Code.



Item 7.01 Regulation FD Disclosure.


On June 19 , 2020, the Company issued a press release announcing the filing of the Chapter 11 Cases. The full text of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.



Cautionary Information Regarding Trading in the Company’s Securities



The Company cautions that trading in the Company’s securities during the pendency of the Chapter 11 Case is highly speculative and poses substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual recovery, if any, by the holders of the Company’s securities in the Chapter 11 Case.