LONDON — Fledgling U.K. entertainment outfit, Iostar, designed to operate as a Hollywood-type studio, has bowed to the inevitable by announcing it has filed for liquidation.
Iostar, which was to have been led by high-flying U.K. TV exec Dawn Airey, bowed at Mip, but the extent of its funding problems became apparent when Airey quit eight days after arriving at the outfit.
In a statement issued Monday (May 14) Iostar said: “The board of Iostar has considered a number of options to continue the business according to a revised business plan following its funding difficulties and the resignation of its chief executive.
“However, it has not proved possible to implement such plans in the time available to the board having regard to the current financial position of the company. Accordingly, the directors have seen no alternative but to take immediate action to place the company into liquidation.”
Creditors are understood to include Airey and Stephen Fry, the British thesp who helped set up the short-lived upstart chaired by seasoned U.K. TV topper Dick Emery.
Chief fundraiser Carron Brown was suspended by the board last month when it came to light that he had failed to find the $60 million needed to pay for Iostar’s planned acquisitions.