Just weeks after announcing the company was going belly up, creditors have stepped in and heaped $4 million into the Telebrand’s cauldron to keep the Fairfield, NJ-based direct response television marketing company alive and get them back on the airwaves.
Fifteen of the company’s largest creditors gathered last week to formalize the plan, which was announced Monday by Telebrands president A.J.Kubani.
“I am extremely appreciative to the creditors who worked hard on putting this deal together, he wrote in a statement. “The committee recognized the importance of resolving Telebrands difficulties on an expeditious and amicable basis. I am pleased to share with my creditors what I know will be a bright and exciting future for Telebrands.”
Repayment of all previous debt will be termed out so the 17 year old company company will have available cash to continue marketing products to consumers via DRTV.
