MONTREAL — Embattled Canadian TV producer Cinar has petitioned the Supreme Court of the Bahamas to dissolve Globe-X Canadiana and Globe-X Management, two Bahamas-based companies that owe it $44 million.
Cinar alleges that the two financial services companies have defaulted on debt payments.
The $122 million in Cinar cash invested in these offshore companies without board approval sparked the financial scandal that hit Cinar in March, 2000.
Cinar co-CEOs Ronald Weinberg and Micheline Charest were ousted and its shares were de-listed from the Toronto and Nasdaq stock exchanges.
New management recovered around $60 million from Globe-X, which agreed to repay the remaining amount by Aug. 17, 2001. But it has failed to do so.
Cinar has asked the Bahamian court to appoint PricewaterhouseCoopers as the liquidator of the Globe-X assets.