Although its multimillion-dollar legal action against ABC over seemingly shuttered licensed soaps All My Children and One Life To Live continues, Prospect Park Networks today filed for Chapter 11. With creditors such as ABC and the DGA, the online production company made the petition for protection in federal bankruptcy court in Delaware. “PPN is optimistic that this filing will make it possible to continue to maximize the value of its assets and settlement of past liabilities,” the company said in a statement today. “The company is optimistic about the prospects for a smooth transition into bankruptcy.” The action today leaves little room for the resurrection of All My Children and One Life To Live in their last online incarnation. After a long-awaited first season online, both soaps ceased production last August.