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- Breakthrough Enterprises Inc. et al.
Breakthrough Enterprises Inc. et al.
Breakthrough Enterprises Inc. and certain related entities (collectively, “Breakthrough”) each filed an NOI on February 1. Breakthrough is a Toronto, Ontario-based television production company that produces and distributes television programming worldwide. At the outset of the COVID-19 pandemic in 2020, Breakthrough experienced interruptions in its audiovisual media productions. When shooting recommenced after the delay, Breakthrough incurred significant additional and duplicative costs that negatively impacted Breakthrough’s overall cash flow. Revenues were temporarily impacted as a result of the lack of new sales during the first year of the COVID-19 pandemic. Further, the cost and challenges of implementing and maintaining safety measures on ongoing productions had a negative impact on cash flow and the overall profitability of productions generally. As a result, Breakthrough was forced to lay off and terminate a number of its employees. It sought and was granted approval of a sale of certain development assets to a corporation controlled by Ira Levy, a minority shareholder of Breakthrough Enterprises Inc. The purchased assets consist of concepts that have not yet commenced production, and that Levy was responsible for as Executive Producer. Dodick is the proposal trustee. Counsel is Weisz Fell Kour for Breakthrough.