It’s official: RBR+TVBR has learned that US Traffic Network (USTN) is ceasing all of its operations, following rush hour today (11/30).
While the fiscally troubled company has already closed down its radio unit, it had kept its TV business going.
Now, USTN CEO Ivan Shulman will working with a liquidator through the end of the year.
Gavin/Solmonese, a corporate restructuring and advisory firm, has been retained to oversee “an orderly liquidation” of the company.
Shulman declined to comment on the matter to Streamline Publishing’s co-owned Radio Ink.
However, RBR+TVBR and Radio Ink obtained a letter dispatched by Shulman that states, “with regret,” that USTN will cease operations after PM drive Nov. 30.
“Our attempts to consummate a sale were unsuccessful, and we do not have the funds to continue operating,” Shulman said in the letter.
He added that all USTN employees will be released from all non-competes or any restrictive covenants.
The email [email protected] will remain open for 90 days to answer any questions.
Gavin/Solmonese via Stanley Mastil is taking questions related to the wind-down of USTN’s affairs, at [email protected] .
By phone, 484-841-2400 will remain operational for 90 days, with a goal of responding to messages within 1-2 days.
“All employees will be paid for the time worked, and all PTO will be paid out,” Shulman promises. “For those with benefits, they will continue thru December 31.”
USTN asks that all equipment be returned to 9002 Chimney Rock Road, Suite 412,
Houston, TX 77096.