People/Biz

Kew placed in receivership; all directors resign

Kew Media Group has been placed in receivership and all its directors have resigned from the company. Kew said Friday that in accordance with an order from the Ontario Superior Court, FTI Consulting ...
February 28, 2020

Kew Media Group has been placed in receivership and all its directors have resigned from the company.

Kew said Friday that in accordance with an order from the Ontario Superior Court, FTI Consulting Canada has been appointed as the receiver of all its assets, undertakings and properties.

FTI Consulting Canada will be tasked with managing Kew’s affairs and selling all of its assets in a bid to pay its creditors.

With the appointment of the receiver, all Kew’s directors resigned, including Peter Sussman (founder and chairman) and Steven Silver (founder and CEO). The company’s other directors are David Fleck, Maish Kagan, Patrice Merrin, Stephen Pincus, John Schmidt and Mark Segal.

Earlier today, Kew said its senior lender Truist Bank had demanded repayment of all amounts owing under its senior credit facility, and given Kew a notice of its intention to enforce security under section 244 of the Bankruptcy and Insolvency Act.

As well, Kew said its U.K.-based subsidiaries (listed as Kew Media International Limited, Kew Media Group UK Limited and Kew Media Group UK Holdings Limited) have been placed into administration in England and Wales.

The company noted that its production companies, which include a number of Canadian businesses, are not subject to the receivership or the U.K. administration.

More to follow….

 

About The Author
Barry Walsh is editor and content director for realscreen, and has served as editor of the publication since 2009. With a career in entertainment media that spans two decades, prior to realscreen, he held the associate editor post for now defunct sister publication Boards, which focused on the advertising and commercial production industries. Before Boards, he served as editor of Canadian Music Network, a weekly music industry trade, and as music editor for HMV.com. As content director, he also oversees the development of content for the brand's market-leading events, the Realscreen Summit and Realscreen West, as well as new content initiatives.

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