Of the hundreds of Just for Laughs creditors on the verge of bankruptcy today, the National Bank is the company that has the most to lose from the situation.
According to preliminary documents filed in Superior Court, the national bank's shortfall is nearly $17 million. This sum represents almost 40% of the debt that the Quebec group has accumulated over the years.
The second largest creditor is the Cultural Enterprise Development Corporation (SODEC), with debts worth $2.5 million. The Business Development Bank of Canada follows with debts of nearly $2 million.
The debts of these three creditors are guaranteed, which means that they will be paid with priority if the proposal presented to the creditors is accepted.
Shared ownership
Unsecured creditors include Cartier Communication Marketing ($720,000), Just for Laughs Stage Productions ($670,000), Équipe Spectra ($611,000), AEG Presents Limited ($443,000), l'Aréna des Canadiens ($261,000) and Jean Duceppe ($251,000). , Bell Canada ($234,000) and Deloitte ($133,000).
Following the criminal prosecution of its founder, Gilbert Rozon, for sexual assault, the group was sold in 2018 for nearly $65 million. Today, Bell and Evenko (51%) and American Creative Artists Agency (49%) share ownership of the group.
More details to follow.