MONTREAL – Four unnamed suitors have submitted bids for Quebec’s financially strapped TQS television network, but neither Rogers Communications nor RNC Média (Radio Nord Communications), who have been rumoured as suitors for the troubled French broadcaster, are among them.
TQS and the court-appointed controller, RSM Richter, said late Monday that four offers were received by the Monday deadline and they will be evaluated in the coming days. TQS entered bankruptcy protection in December and the courts gave the company until this week to find firm offers.
“The deposit of these four firm offers demonstrates the industry’s interest in TQS and confirms we will have a role to play in the Quebec and Canadian television market,” said TQS President René Guimond in a statement.
“So many have mobilized – from potential buyers to TQS employees to business partners – and continue to do so to reach the objective, which is to find a durable solution for TQS and to build a satisfactory proposition for its shareholders,” Guimond said.
While none of the bidders was identified, TQS communications director Claude Deraîche confirmed that despite an apparent early interest, Rogers and RNC are not among the bidders.
Among those rumoured to have prepared bids for the broadcaster which is 60% owned by Cogeco Inc. and 40% by CTVglobemedia, are Remstar Corp., a Montreal-based film and television production company with interests in music and video, and a consortium involving Evolutra Global Corp. of Ottawa and Section Rouge Média Inc., owned in part by a TQS talk show host. None returned phone calls on Monday. Corus and Transcontinental were named earlier as possible bidders.
With the deadline for bids approaching, TQS and RSM Richter went back to court on Friday to obtain three more weeks’ of court protection from creditors. Judge Pierre Journet had originally granted 30 days’ protection in December but granted an extension until Feb. 29 because of evidence that a buyer might be found. The new deadline is March 17.
RSM Richter controller Yves Vincent said the bids will now be analyzed, and a recommendation sent to the TQS Board of Directors and the network’s shareholders on March 4th. Their decision will be made known on March 10, when the parties return before Judge Journet, who will be asked to accept the arrangement.
Once that hurdle is overcome, the lucky bidder will have to submit a financial plan to creditors, who will vote no later than April 28th.
TQS, which attracts about 12-15% of the Quebec TV audience behind TVA and Radio-Canada, employs about 600 full-time employees. Loaded down by a $66 million debt, the network sought court protection in December to stave off bankruptcy.
Glenn Wanamaker is Cartt.ca’s Quebec editor.
