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Kew Media Group Inc. & Kew Media International (Canada) Inc. - Reports

The following reports have been filed in the proceedings:

 First Report of the Receiver April 6, 2020
The Receiver's First Report informs the Court on the following:
(a) The activities of the Receiver since the Date of Receivership;
(b) The receipts and disbursements of the Receiver for the period from February 28 to March 31, 2020;
(c) The opinion of independent counsel to the Receiver on the validity and enforceability of the security held by Truist Bank as agent for and on behalf of a syndicate of lenders in respect of the Property;
(d) The Receiver's motion for the granting of an Approval and Vesting Order inter alia: (i) Approving the sale of the of the shares of TCB Media Rights Ltd. pursuant to the Share Purchase Agreement between the Receiver and Beyond Entertainment Limited dated March 31, 2020; (ii) Providing for the vesting of the right, title, benefit and interest of KMG in and to the shares in and to the purchaser, free and clear of all Liens other than the certain encumbrances; and (iii) Declaring that, for greater certainty, the Receiver is not bound by any prior contractual agreement by KMG not to enter into or complete the sale of the TCB Shares or to do so only with the consent of a third party; and
(e) The Receiver's motion for the granting of the repayment and distribution order providing for, inter alia: (i) The repayment of certain borrowings of the Receiver; (ii) The distribution of proceeds of realization to the Agent on account of the secured claim of the Syndicate; and (iii) Amending the style of cause for the Receivership.

 

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