In a deal that would effectively put it out of business if approved, Qintex Entertainment Inc., the bankrupt television production and distribution company, announced on Tuesday a plan to sell off assets worth more than $65 million in two separate transactions.
Under the first deal, the company's entertainment holdings, including Hal Roach Studios Inc., the television miniseries "Lonesome Dove" and 1,000 other library titles and future development projects, would be sold to RHI Entertainment Inc., a television production company in New York, for $42.4 million.
In the second deal, Qintex would sell its interest in HR Broadcasting Co. to ABRY Communications in Boston for more than $40 million. The transaction would return $23 million to Qintex after debts are paid. HR Broadcasting owns television stations WTTO in Birmingham, Ala., and WCGV in Milwaukee.
"We think, given the market for these types of assets . . . the result is as good as can be expected, and in the interest of everybody involved," said Qintex President Jonathan Lloyd.