Media Central Corporation, the parent company of The Georgia Straight and NOW Magazine, has filed “an assignment in bankruptcy,” voluntarily agreeing to sell off assets to pay down its debt.
The publicly-traded company says the filing does not affect the operations of its Toronto and Vancouver alt weeklies, which will continue regular publication.
Kirk MacDonald, formerly President of Media Central, will remain President of subsidiaries, Vancouver Free Press Publishing Corp. and Now Central Communications Inc., which publish the Georgia Straight and NOW Magazine. It acquired both subsidiaries in 2020 and 2019, respectively. Media Central also operates digital cannabis platform CannCentral.com and eSports outlet ECentralSports.com.
The company announced earlier this month, it was in default in the amount of $1,026,000 to its debenture holders and attempting to negotiate an agreement. Media Central also revealed at that time that its Chief Financial Officer Carmelo Marrelli and auditor Fazzari + Partners had resigned.
Media Central has appointed Ira Smith as its insolvency trustee. A creditors’ meeting is scheduled for April 14 at noon ET.
Concurrent with the filing, Manos Pavlakis, David Daniels, and Carolyn Wall have stepped down from the company’s board of directors.
Media Central trades on the Canadian Securities Exchange as FLYY and on German stock exchanges as 3AT.
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Broadcast Dialogue has been required reading in the Canadian broadcast media for 30 years. When you subscribe, you join a community of connected professionals from media and broadcast related sectors from across the country.
The Weekly Briefing from Broadcast Dialogue is delivered exclusively to subscribers by email every Thursday. It’s your link to critical industry news, timely people moves, and excellent career advancement opportunities.
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