Serendipity Media Ltd. et al., Receivership

Serendipity Media Ltd. et al., a group of Calgary, Alberta-based film and television companies which also do business in Manitoba and Ontario, were placed into receivership on January 3, on application by BMO, owed approximately $19.9 million.

The companies are experiencing a significant liquidity crisis and have defaulted on their loan from BMO, including by failing to pay interest when due and falling behind on corporate tax payments.

Deloitte is the receiver.

Counsel is Miller Thomson for BMO, Gowlings for the receiver, Taub Law for the companies, McMillan for RBC, Buchli Goldstein for Enlightened Private Capital, Dentons for Bank of Hope and BLG for Old Kent Road Financial Loan Adminco.

By: Dina Milivojevic