4Kids Files for Bankruptcy Under Chapter 11

Discussion in 'User Submitted News' started by Vidboy10, May 2, 2011.

  1. Vidboy10
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    Vidboy10 Tsardom

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    NEW YORK--(BUSINESS WIRE)-- 4Kids Entertainment, Inc. (Pink Sheets:KIDE.pk - News), the global children’s entertainment and merchandise licensing company, announced today that it has filed a petition in bankruptcy for relief under Chapter 11 of the U.S. Bankruptcy Code. The bankruptcy filing in the U.S. Bankruptcy Court for the Southern District of New York also covers all of the domestic wholly-owned 4Kids subsidiaries. 4Kids Entertainment International, Ltd., the Company’s subsidiary based in London England, is not part of the bankruptcy filing.

    In conjunction with the Chapter 11 filing, 4Kids also filed a variety of first day motions that will allow the Company to continue to manage operations in the ordinary course.

    "We want to assure our clients, business partners and licensees that during the pendency of the bankruptcy, 4Kids will continue to provide the same level of service and dedication that it has in the past," said Michael Goldstein, interim Chairman of 4Kids Entertainment, Inc. "The Company will also continue to explore its strategic alternatives, including, the possible sale of the business or reorganization as a stronger and more focused company,".

    The 4Kids bankruptcy filing automatically “stays” the lawsuit filed by the licensors of the Yu-Gi-Oh! property, Asatsu-DK Inc (“ADK”) and TV Tokyo Corporation, (collectively, the “Licensors”) on March 24, 2011 against 4Kids, until such time as the Court may order otherwise.

    "We have made every effort to reach agreement with the Licensors," said Goldstein. "When the Company did not receive a positive response from Licensors to its settlement proposal, the Board of Directors was left with little choice but to authorize the filing of a bankruptcy petition under Chapter 11 in order to best preserve the business and assets of 4Kids Entertainment. We continue to believe that the purported termination of the Yu-Gi-Oh! Agreement was wrongful and that 4Kids’ assessment of the audit claims will be vindicated in court. If the Court rules in favor of the Company, 4Kids will pursue the full measure of damages for the significant injury the Licensors have caused to the business of 4Kids," concluded Goldstein.

    4Kids is represented in its bankruptcy filing by its long standing outside counsel, Kaye Scholer LLP.[/p]
    [​IMG]Source
     


  2. Heran Bago

    Heran Bago Where do puyo come from?

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    You hear Tokyopop is dead?
     
  3. chrisrlink

    chrisrlink your friendly neighborhood serial killer

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    5Ds sucked but i hope ZEXAL will be good the only thing i liked bout 5Ds was Synchro summoning for the TCG (I play it alot with friends) and i hope Zexal will be done by 4 kids or dubbed by another company
     
  4. Thanatos Telos

    Thanatos Telos random stuff

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    This is for One Piece!!!!!!!!:D
     
  5. Zerousen

    Zerousen 【=◈︿◈=】

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    NOOOOOOOOOOOOOO! Shonen Jump and Tokyopop were what made my childhood alot better! [​IMG]
     
  6. ShadowSoldier

    ShadowSoldier GBAtemp Guru

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    The quality of cartoons that they played, just wasn't the same when I was growing up.

    When I was growing up, they had a lot of cool shows from companies who actually wanted to tell a story. But now all they play is companies trying to make a quick buck by hiring crappy voice actors and everything.
     
  7. machomuu

    machomuu Drops by occasionally

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    I never did watch a 4Kids cartoon (I don't even think I can name any), however I did watch alot of 4Kids anime. I gotta say, while I didn't at all like what they did to One Piece, what they did to Pokemon wasn't so bad. The voice actors were pretty good, the new theme songs were memorable, the localizations were...okay, those weren't so great (until I got into anime more, I always thought Rice balls were Jelly Donuts, despite the fact that they looked nothing like each other), but what they did to the show itself wasn't all that bad. That said, almost every other show they touched turned to crap.
     
  8. GameWinner

    GameWinner Take your heart

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    Meh, oh well. But I gotta say, they made part of my childhood growing up.
    Shows like Pokemon, and Yugioh are what made me get into those two franchises.
    (Although I don't play Yugioh anymore) But they were also the reason
    I hated One Piece growing up (favorite anime now). And now that I'm older I hated their guts for crappy censorship. But I still watch Kai on their channel [​IMG]
     
  9. machomuu

    machomuu Drops by occasionally

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    Personally I prefer watching Kai either Uncut or on Nickelodeon.

    I still hate them for what they did to Mr. Popo. And Jynx.
     
  10. ChaosBoi

    ChaosBoi Ushiromiya Battler

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    You guys just caught wind of this? I've heard about it a couple of weeks ago.
     
  11. Jahjah440

    Jahjah440 Member

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    LEO BURNETT AND THE 4KIDS ARE THE DEVIL LEO BURNETT

    (this is my first post and I have been registered on gbatemp for 3 years now!)
     
  12. KingVamp

    KingVamp Great... AETHER!

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    A complete unnecessary edit. I read because it racist ? It more racist and stupid to edit. "Why would they do that?"
     
  13. ShadowSoldier

    ShadowSoldier GBAtemp Guru

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    Are we talking about Dragon Ball Z Kai?
     
  14. jargus

    jargus GBAtemp Advanced Fan

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    The only great thing made by for 4kids was TMNT. The rest was crap
     
  15. Slyakin

    Slyakin See ya suckers

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    This was news AGES ago.

    But it's still sad to hear; 4Kids made Pokemon really damn popular in the US.
     
  16. machomuu

    machomuu Drops by occasionally

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    That and Pokemon (them turning Jynx a different color).
     
  17. Zerousen

    Zerousen 【=◈︿◈=】

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    Mr.Popo= DBZK , originally black, now royal blue
    Jynx= From Pokemon, originally black, now Purple.
     
  18. Canonbeat234

    Canonbeat234 Redeemed Temper

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    That's WHAT THEY GET FOR making SONIC X shitty!!! IRONY THAT BITCH!
     
  19. ShadowSoldier

    ShadowSoldier GBAtemp Guru

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    Uh. what?

    I have the Dragonball Z remastered stuff, and Mr. Popo is indeed black...

    The Jynx thing is old though.
     
  20. machomuu

    machomuu Drops by occasionally

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    He's only Royal Blue in the 4Kids version of Dragon Ball Z Kai