27 July 2010

Bristol collapses owing more than $6.0 million

logocropThe unexpected collapse of regional marketing firm Bristol leaves a string of secured and unsecured debts totalling more than $6.0 million.

The company has unsecured debt of more than $3.2 million and secured debt of $2.8 million. The details are contained in documents filed in Moncton with the Office of the Superintendent of Bankruptcy and posted to the Chronicle Herald website.

Most of the creditors are media outlets the company had not paid for advertising placement. Bristol went into receivership owing NTV, Newfoundland and Labrador’s major private television broadcaster, more than $105,000, for example. Newspaper publisher TransContinental is owed more than $300,000 in various headings.

Other unsecured creditors include:

  • the City of St. John’s, which is owed more than $27,000,
  • the Progressive Conservative Party of Newfoundland and Labrador ($2,000),
  • Fortis Properties ($104,056.60, possibly for rent for and renovations to its St. John’s offices), and
  • Halifax Metro Centre ($83, 726.33),

Bristol also owes $1.7 million to the Bank of Nova Scotia and $1.125 million to Business development Canada.

Unpaid staff wages is over $229,000.

The bankruptcy filing lists more than $4.4 million in accounts receivable of which it expects to be able to recover $2.2 million. Total assets, including machinery, furnishings and securities totals $2,825,000.

That leaves $3,284,669.36 in debt that isn’t covered by any assets.

The Newfoundland and Labrador registry of Companies shows the following directors for Saga Investments, the holding company that owned Bristol:

  • Rob Crosbie
  • Richard Emberley
  • Darell Fowlier [sic]
  • Paul Kent
  • Louis Leger
  • Brian Mersereau
  • Larry Nelson
  • Noel Sampson

Some elements of Bristol date back over 30 years.  Bristol Communications began life as Saga Communications in 1976.  It changed its name to Bristol in 1992.

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