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Jill Kelly Productions Files Chapter 11

Jill Kelly Productions Files Chapter 11
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Aug 13, 2005 11:20 AM PDT    Text size: 
NORTH HOLLYWOOD, Calif. — Jill Kelly Productions Inc. filed for Chapter 11 bankruptcy protection in Los Angeles as one of its creditors was about to foreclose on its property and seize its library of more than 250 films.

The North Hollywood company, which maintains a variety of cable, satellite, video-on-demand and Internet operations, listed about 85 creditors, more than $3 million in liabilities and assets of $1.5 million to $3 million.

Its larger creditors include film company Nasty Pixx, American Express Co. and AVN Publications Inc.

"We had no alternative but to file to protect the assets of the corporation," said CEO Philip Starr, who was brought in a month ago to turn the company around.

The company is named after porn actress Jill Kelly, who served as president under her real name, Adrianne D. Moore. Kelly reportedly quit this year in a pay dispute.

Starr told the Los Angeles Times that JKP had been losing money over the last two years because of mismanagement, but he declined to elaborate.

Starr also said a federal grand jury in New York was inquiring about the company, but he did not provide details.

In the last year, JKP was involved in a number of mergers and distribution agreements, including signing New York-based Bizarre Video Unlimited to an exclusive licensing and distribution agreement, securing a Romanian television agreement with S.C. Folitexxx Video SRL, and inking a deal with Japanese distributors Max-A Co. and Japan Home Video Co. In addition, it rolled out its BLU and Collateral Damage XXX lines to expand its film library.

The company also relocated all of its operations and sales force to a new warehouse in North Hollywood, Calif., from its Sunset Strip location in West Hollywood, Calif.

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