EMAK Worldwide, Inc., a holding company headquartered in Los Angeles, has filed for Chapter 11 bankruptcy. EMAK owns marketing companies such as Equity Marketing, Logistix, Neighbor and Upshot.

The company is seeking bankruptcy protections to help it deal with a lawsuit that it lost.

"We have a problem at the holding company which has absolutely no connection to our agencies’ day-to-day operations,” Jim Holbrook, EMAK’s Chief Executive Officer said in a statement. “The actions we announced today will allow us to resolve these issues in an organized manner and to put them behind us. We want to reassure our clients that we will continue to serve their needs during this period, and we appreciate the support of our many loyal vendors, customers and employees.”

EMAK will be represented during its bankruptcy proceedings by Jeffrey Reisner and Kerri Lyman of Irell & Manella LLP in Newport Beach, California.