Gems TV Bankruptcy Plan Confirmed

A federal judge Oct. 13 approved Gems TV’s bankruptcy plan, which includes the company’s liquidation.

The Nashville-based shopping channel, which at its height reached 37 million viewers over satellite network DirectTV, filed for Chapter 11 in April, a month after it announced it was shutting down.  The company’s petition reported it has $120 million in liabilities and $52 million in assets.  It cited the poor economy and high gold prices in its decision.  It was founded in November 2006.

After the shutdown, its parent company, Gems TV Holding Limited, acquired a 32.7 percent shareholding interest in Multimedia Commerce Group, the parent company of the Knoxville-based Jewelry Television.