The National Association of Television Program Executives (NATPE) has announced its intent to file a court petition to restructure its business affairs under Chapter 11 of the Bankruptcy Code.

The organization cited the adverse effect of the COVID-19 pandemic for the move in a news release, saying the pandemic shutdown prevented it from holding events, which typically generate significant revenue for the trade body. Due to the event cancellations, NATPE has said it was forced to operate on its financial reserves, which now require it to reorganize its business structure. CEO JP Bommel (pictured) is said to be staying on to help with the reorganization.

NATPE was forced to cancel its flagship conference and marketplace events in 2021 and in January 2022, amid a spike in COVID-19 infections. The organization had planned an in-person event from Jan. 18 to 20, earlier this year, in Miami.

The market has helped a number of Canadian companies secure licensing deals for domestic content in the past, including Blue Ant Media, Entertainment One and 9 Story Media Group.

“NATPE is looking at all possible options to restructure, including raising funds through strategic alliances, and continue to operate NATPE as a more streamlined and reorganized operation,” the organization said in a release.

June saw NATPE hold its first in-person marketplace in two years in Budapest, Hungary. The organization also announced at that time that its annual January event will be relocated from Miami to Nassau, Bahamas from Jan. 17 to 19, 2023, and will be followed by another European event in June 2023. The group says it does not currently intend to cancel those 2023 events.

“For almost 60 years, NATPE has been the leading global professional association for content producers, distributors, developers, streamers and buyers across all distribution platforms,” the group said in a statement. “NATPE is optimistic that it will emerge from the reorganization process in the same position.”

This story originally appeared in Realscreen