Kew Media Group’s lenders have referred to as within the Canadian TV producer-distributor’s money owed, pushing the corporate nearer to the brink of collapse after it was delisted from the Toronto Inventory Alternate final month.
In an announcement issued to Kew Media Group’s buyers on Friday, the corporate mentioned Truist Financial institution has “demanded compensation of all quantities owing beneath the senior credit score amenities,” including that the financial institution intends to implement its safety beneath Canada’s Chapter and Insolvency Act. The corporate’s web debt stood $117M, in keeping with its most up-to-date earnings.
“Following a 10-day discover interval, Kew’s senior lenders might take steps to implement on their safety,” the assertion added. It’s the newest chapter in a disastrous downward spiral for the corporate after it defaulted on its credit score facility final yr as a result of it filed “inaccurate” monetary data.
Kew Media Group’s subsidiary, the once-thriving British gross sales home Kew Media Distribution, can be staring down the barrel of a winding-up order, with a courtroom listening to set for subsequent week. Producers together with, Leaving Neverland indie Amos Photos, are preventing to claw again the royalties they’re owed from the worldwide gross sales of their exhibits.
Different Kew Media Group subsidiaries have additionally been fleeing the sinking ship. The most recent was Frantic Movies in the present day after CEO Jamie Brown purchased again the corporate, which makes HGTV’s Yard Builds. Others who’ve left the group embody UK producer Two Rivers Media, whereas Dance Mothers govt producer Jeff Collins left Kew-backed Collins Avenue Leisure in January.