Remstar purchase of Quebec net OK'd
EmptyTORONTO -- A Quebec court on Monday gave Canadian film distributor Remstar Corp. permission to acquire troubled French-language network Television Quatre Saisons.
Quebec Superior Court Justice Pierre Journet, who has shepherded TQS through bankruptcy protection since January, gave the greenlight to Remstar, which was launched as a film distributor by brothers Maxime and Julian Remillard in 1998.
"The next few weeks will be very intense as we will have to quickly prepare our bid for approval from the CRTC, outline our plan for the creditors and, finally, wrap up the acquisition process as quickly as possible," co-president Maxime Remillard said in a statement.
The private French-language broadcaster was put on the auction block by shareholders Cogeco and CTVglobemedia as it faced mounting losses and growing competition in Quebec from TV market leaders TVA Group and Radio-Canada, the public broadcaster.
Terms of a takeover offer from Remstar were not disclosed. TQS creditors are expected to vote on the purchase by April.