Yahoo! Finance is currently reporting that North American media distributor 4Kids Entertainment has filed for protection under Chapter 11 of the U.S. Bankruptcy Code. Companies who file under Chapter 11 are able to maintain business assets, which may or may not include licenses, in order to attempt to reorganize. By contrast, companies who file under Chapter 7 (as Central Park Media did in 2009) cease to function as a business.
The publicly-traded company had previously stated that it might file for bankruptcy protection after TV Tokyo and Nihon Ad Systems (NAS) filed a lawsuit lawsuit over its Yu-Gi-Oh! anime license.