Remstar set to buy Canada web TQS
Creditors will vote on deal in April
Montreal-based TQS filed for bankruptcy protection in Quebec Superior Court in December, owing creditors C$66 million ($66 million). Creditors will meet in April to vote on the Remstar deal, which has been approved by Quebec Superior Court judge Pierre Journet.
No financial details were revealed, but Remstar is expected to present its financial plan for the network in court on Monday.
TQS is 60% owned by Quebec cable operator Cogeco and 40% by CTVglobemedia, which also owns the CTV Network and a slew of pay channels. Neither wants to continue with TQS.
Remstar is run by brothers Maxime and Julien Remillard, with the financial backing of their father, Lucien Remillard, who made his fortune in waste disposal.
Remstar produced the pics "Head in the Clouds" with Charlize Theron and Penelope Cruz; the Theron pic "Battle in Seattle"; and the hit Quebec thriller "Ma fille mon ange."
Last fall, Remstar pacted with the Solidarity Fund QFL and the Quebec government pension-fund manager Caisse de Depot et Placement du Quebec to create Remstar Media Partners to acquire distribution rights to 25 pics over five years.
There were two other offers for TQS, from Toronto-based Catalyst Capital Group and from Section Rouge Media.
