Pseudo Files for Chapter 11 Protection
Pseudo Programs announced today that it has filed and will seek to reorganize its business under the protection of a Chapter 11 bankruptcy proceeding. The filing was made in the United States Bankruptcy Court for the Southern District of New York.
Pseudo filed for protection while a potential buyer for its brand, patent-pending operating system and Webcasting production facilities is sought.
According to David Bohrman, Pseudo's former CEO, "The decision to shut down Pseudo's operations was difficult. Despite tremendous progress, good-faith efforts, the hard work and creativity of Pseudo's employees, the loyalty of our vendors and a growing audience base, it was impossible to secure the necessary funding on an urgent basis to continue in today's difficult market climate.''
Pseudo ceased operations on September 18th, and laid off its staff of 175 employees.