A Parent Media Co. Inc. and subsidiary Kidoodle, Inc. were placed into receivership on September 3, 2026, after a June liquidity crisis and a dispute over the priority of emergency financing culminated in enforcement by a group of second-lien lenders. The Calgary-based technology and media company operates Kidoodle.TV, a children's streaming service, and Victory+, a professional sports streaming platform, with a global footprint spanning approximately 160 countries and regions.

A Parent Media provides streaming, monetization and digital advertising services to brands, content owners, sports organizations and media companies. The majority of the group's sales distribution is in the US.

Between June 2025 and April 2026, A Parent Media issued approximately US$27.4 million of unsecured convertible notes. Their maturity was extended to June 30, 2026, but the company did not have sufficient liquidity to repay them. The noteholders agreed to extend maturity again to December 31 in exchange for security over substantially all of A Parent Media's assets, which was granted on June 29.

At the same time, A Parent Media was facing a more immediate liquidity problem. The company did not have sufficient funds available on a timely basis to meet payroll due June 30 and turned to a group of investors and lenders, including TriWest Capital Partners, for emergency financing intended to cover payroll, keep the business operating and provide time to explore restructuring alternatives.

The lenders advanced US$2 million in cash under a June 29 second-lien convertible note with US$4 million of principal, reflecting a 50% original issue discount. The financing was secured against substantially all of A Parent Media's assets and ranked behind Bank of Montreal, which was owed approximately US$3.8 million.

The emergency lenders expected their security to rank ahead of the security granted to the existing convertible noteholders. Their financing documents required other secured debt, apart from permitted BMO debt, to be subordinated within 30 days. The existing noteholders' security was instead registered ahead of the second-lien lenders, and the required subordination was not completed, triggering a default under the second-lien note.

The second-lien lenders subsequently accelerated the US$4 million obligation and moved to enforce their security. By then, A Parent Media was insolvent and lacked sufficient liquidity to meet its obligations or continue operations.

The lenders were also advised that the company intended to terminate all of its employees on August 31. Kidoodle relied on A Parent Media employees to operate its business and was itself insolvent, with insufficient liquidity to fund ongoing operations.

A Parent Media and Kidoodle consented to the receivership, and Justice J.T. Neilson granted the order on September 3.

AlixPartners is the receiver. Bennett Jones represents the applicant second-lien lenders, while Lawson Lundell represents BMO.