TPX (The Podcast Exchange) has reportedly sent a letter to creditors notifying them that the company plans to file a Notice of Intention (NOI) under the Bankruptcy and Insolvency Act. Doing so creates a protective one-month time period in which to negotiate new terms with creditors.
We see this report from one source only, the Broadcast Dialogue website. We have reached out to a contact for confirmation.
The source article does contain confirming quotes from CEO Pary Bell:
“We have reached the point where we can no longer continue to operate in the normal course. Because of this, TPX will be filing what is called a Notice of Intention to Make a Proposal (NOI) under the Bankruptcy and Insolvency Act. I want you to know this is not a step I wanted to take. I was brought in to help stabilize the business and we worked hard to find another path, but we have simply run out of time and options.”
“This is not an easy message to share. We are taking this step because failing entirely without any plan would be worse for everyone involved.” — Pary Bell, CEO, TPX
Bell took the CEO role in February, 2024 (RAIN HERE), joining the company from Eyereturn Marketing, where he held the CEO role. Previously, at Rogers Sports & Media, Pary was instrumental in developing digital strategies that enhanced brand reach and revenue.
More news on the TPX situation as it happens.
