a day ago
- Business
- Wall Street Journal
Dr. Phil's Upstart TV Network Abandons Its Chapter 11 Case
Merit Street Media, the television network and streaming service backed by TV personality Phil McGraw, is seeking to end its chapter 11 case, saying it can't pay the legal fees needed to stay under court protection.
Merit said in court papers Monday that it can no longer administer its bankruptcy case because of mounting professional fees and inadequate funding to pay those bills. Merit's lawyers from the law firm Sidley Austin moved to withdraw as bankruptcy counsel, saying they were exposed to 'unreasonable and unjustifiable financial burden and risk.'
