Barron may yet keep its head above the water

TITLES including Windrider, Singapore Sling and episodes of Ship to Shore are all up for grabs in the sale of Barron Entertain-ment’s film library.

A strong response to the call for expressions of interest in restructuring the company suggests Barron Entertainment may yet be able to trade out of its current financial difficulties.

Tony Woodings of Taylor Woodings has been appointed receiver by the National Australia Bank and the directors of Barron Entertainment have appointed Vincent Smith and Bryan Hughes of Norgard Clohessy as administrators.

“There are some films in the library which may fall outside the security, which means that what I’m seeking are expressions of interest for the purchase, which may not be the whole library,” Mr Woodings said.

“It’s a bit messy and we’re having trouble working out what movies will be sold by me.”

The rights attached to the films differ with each title depending on the funding arrangement for each project.

“I think it’s a highly specialised asset and we’re in the throes of a detailed valuation,” Mr Woodings said.

“Ultimately the true value (of the film library) is what the market is prepared to pay.

“Vincent is advertising for expressions of interest in the reconstruction of the company as a whole. It’s a public company so the shell has value, and if there are expressions of interest to reconstruct the whole company including the library, I’ll be working with Vincent.”

Mr Smith said Norgard Clohessy has received a very strong response to the call for expressions of interest in restructuring the company.

“I think there is a possibility that the company will continue to trade and be requoted on the stock exchange,” he said.

“One benefit of being a public listed company is you can raise funds on the exchange and they can be directed to creditors.”