Montreal-based film and television producer Telescene Film Group is running out of cash credit and may be unable to finance its autumn television production slate.
The company has been seeking a backer - it says it needs $24m to meet its obligations - so far without luck. Now, having exhausted its line of credit, it is rumoured to be searching for a buyer. Analysts questioned whether anyone would be interested in Telescene given its nearly $47m in debt. First quarter results showed a loss of $127,000 compared with profit of $650,000 last year.
Consolidated gross revenue dropped to $2.8m from $7.3m. The share price plunged accordingly, to a little over $1.The company's productions include the television series Big Wolf On Campus and Sir Arthur Conan Doyle's The Lost World.