March 25, 2022
Media Central Corporation Inc., a Toronto, Ontario-based media company, filed an assignment in bankruptcy on March 25, citing its inability to to meet its financial obligations as they come due. The filing does not affect Media Central's subsidiaries, Vancouver Free Press Publishing Corp. and Now Central Communications Inc., which publish the Georgia Straight and NOW Magazine. The publications were distributed for free on each city’s mass transit routes. With the major decline in ridership because of COVID, advertising revenues dropped dramatically and the operations could not be sustained in their previous form. The company defaulted on its secured senior debentures in the amount of $1.1 million and was unable to raise any more money. Accordingly it filed an assignment in bankruptcy. Ira Smith Trustee & Receiver Inc. is the bankruptcy trustee.
By Dina Milivojevic