Streaming TV site Aereo files for bankruptcy, will reorganize

Gigaom

Aereo filed for voluntary bankruptcy on Thursday, a move the company says will allow it to “maximize the value of its business and assets” without being dragged down by ongoing lawsuits in several states.

The Chapter 11 filing appears to be a strategic decision by [company]Aereo[/company], which offered consumers a way to watch and record TV on mobile devices but has been hamstrung since suffering a 6-3 defeat at the Supreme Court in June.

Aereo’s bankruptcy petition shows it owes roughly $2 million to a list of creditors that include internet companies like [company]Level 3[/company] and [company]Google[/company], as well as several law firms. But the most significant creditors on the list are names like [company]ABC[/company] and Fox, the TV networks that are continuing to sue Aereo over copyright infringement.

Aereo’s filing simply states “unknown” in the amount owed to the “litigation party” TV stations, which also include PBS, Telemundo and NBC.

If Aereo’s bankruptcy…

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