Three months after abruptly shuttering operations on the Vineyard and laying off much of its staff nationwide, the lifestyle cable network Plum TV said this week it has filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

At the same time, the company said, it has reached a deal to sell its assets to a group of media investors, a bid that must go through the bankruptcy process, including a court-supervised auction, before it is final. Under the deal, the investors, led by longtime television executive Terry Mackin and Bill Apfelbaum, chairman of New York city-based Media Ventures Group, would pay $1 million in cash and assume Plum’s secured debt. The investors will also lend the distressed cable network $1 million to stay afloat pending the sale.

Founded in 2002 by Tom Scott, Plum TV at its peak operated cable channels designed to attract high-end advertising on the Vineyard and in seven other upscale vacation destinations and had begun to publish glossy magazines in several of its markets. Shortly after Labor Day, however, Plum laid off about 50 employees across its markets including the entire Vineyard staff, in what was called a major restructuring.

“We want to reassure our audiences and advertisers that Plum TV remains in business and will continue to provide our daily programming throughout this process,” Mr. Scott said in a statement.

“While a filing is a difficult choice, after a tough time for the company, it is the right choice,” he said. “As longtime, visionary senior media executives, Terry and Bill have excellent track records and we believe the Plum TV brand will be well positioned when it emerges from the proposed asset sale.”

A company spokesman said the $1 million loan would enable Plum “to maintain the status quo.” On the Vineyard, that means the local Plum station, Channel 76, will stay on the air showing reruns of programs created this summer, he said. No future plans for the company are being announced pending resolution of the bankruptcy.