By Nick Cafardo-Pool / ESPN Staff WriterIt was not just a question of whether Crippled Creek could survive.
It was a question about whether the company, whose financial problems have been chronicled by many, could survive in a new era.
After years of struggling to raise money and remain profitable, Cripply Creek’s founder, David Withers, is now facing a new round of scrutiny over his company’s financial position, which has included a $100 million bail-in from the federal government.
Crippled, the company behind the hit TV show “Cripple Bay,” will get a $50 million loan from the Federal Emergency Management Agency and a $250 million grant from the Department of Veterans Affairs.
The company said it plans to invest the money, as well as $1 billion in a healthcare venture that will include a medical care network, a mobile hospital and an innovation center.
“We are in a good place financially,” CEO David Wethers said in a statement.
“Our goal is to continue to grow, innovate and invest in Crippling Creek.
We have invested in some of the most talented talent in the country.
It is time for us to take a new path.”
Cripply Bay premiered on April 1 on Fox.
Withers said the company has made strides in recent years, including raising its share price from $2 to $3 a share.
It has also added a $10 million round of funding from venture capital firm Bessemer Venture Partners.
Wethers told reporters at a conference in San Francisco that he believes the company is in good shape.
He also said he believes it can be profitable as long as the company does not lose money.
“It’s a long process,” he said.
“We are going to have to take on the debt burden.”
Witherson has previously been the target of accusations that he did not live up to his promises.
His company said in May that the federal bailout was not a factor in its decision to exit bankruptcy.
In October, Calfornia Gov.
Gavin Newsom declared a state of emergency in the state as part of the bankruptcy.