"Chapter 11 will permit Aereo to maximize the value of its business and assets without the extensive cost and distraction of defending drawn out litigation in several courts," Kanojia wrote.
Aereo's been fighting court battles for months with broadcast TV networks. The broadcasters accused Aereo of violating copyright law when it pulled live television signals from the airwaves and streamed them to customers over the Internet. In June, the Supreme Court agreed, dealing Aereo a major blow and causing it to suspend its services. Since then, Aereo has tried pretty much every legal tactic to survive.
But even as it did so, the company was bleeding money. Now, it seems, the company has concluded that bankruptcy protection is the "next logical step."