Sextant in receivership

Company couldn't deal with creditors after bankruptcy

TORONTO — Vancouver-based kidvid producer Sextant Entertainment, which had a hand in “Don’t Eat the Neighbors,” “Treks in the Wild World” and “Aaagh! It’s the Mr. Hell Show!,” has gone into receivership.

Company was unable to reach an agreement with its creditors after filing for bankruptcy protection in June and laying off 35 staff, gutting the company of all but senior management. All remaining execs resigned June 18, and Deloitte & Touche has been appointed interim receiver.

Receivership is a form of bankruptcy under which a company attempts to reorganize with the help of a court-appointed trustee.

Listed on the Toronto Stock Exchange, Sextant shares last traded on June 17, around which time the price bottomed out at about C2¢ (1.3¢) per share.

Sextant was formed three years ago through the acquisition of Vancouver-based Pacific Motion Pictures, New City Prods., THA Media, Pan Pacific Prods. and Reel Elements. The share price peaked at close to $3.92 early in 2000, shortly after the company went public.

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