Bankruptcy proceedings for the failed television venture called the Back9Network are continuing, and a federal judge said Monday that she would approve a plan to let the Hartford-based company borrow more money.
The Back9Network got $5 million from the state and many millions more from investors to build a television network all about the lifestyle of golfers. But it quickly burned through that cash, leaving everyone -- investors, taxpayers, subcontractors, and others -- wondering where their money went.
Rather than liquidating itself, the company wants to remake itself. The plan is borrow $500,000 from a group of investors who want to boost its digital platform before the golf season starts. Objections to that plan were either resolved or withdrawn, and a federal bankruptcy judge said she planned to approve it this week.
