Quickflix given 5 month extension

2016-04-26_1210

Local streaming service Quickflix has been given an extension to October 21, by the Supreme Court of Western Australia, to try to find a buyer.

The WA-based company went into administration last month after failing to reach an agreement with rival service, Stan.

Stan had demanded either a $4m payment or $1.25m and the transfer of all of Quickflix’s streaming customers.

Administrator Richard Hughes said the company does not anticipate taking the “full extension period that was given” and that it intends to “convene the second meeting of creditors as soon as possible”.

Earlier this month the company put a for sale notice on its assets, which includes a marketing database of around 900,000 names, as well as tens of thousands of Blu-ray and DVDs stored at a Western Sydney warehouse for its DVD postal business.

Source: Mumbrella

2 Comments:

  1. Secret Squïrrel

    How about we all put in $10? I’m sure it won’t need too many of us.

    I have a great idea for a model that’s based on how the FTA commercial networks operate and which is surprisingly successful. When people order a DVD / VoD of their favourite drama we’ll give them 20 minutes of some reality show instead, followed the next day by the show that they really wanted. Sometimes we’ll send them a completely different show and final episodes will be delayed by a random amount of not less than a year.

    • Sounds good to me! But you’ll have to learn to stamp your feet and cry on cue about how much money you’re not making – sorry, ‘losing’ – because the government and everyone else is being mean.

      Oh, and you’ll have to stump up the $10 million Nine wants as well. Unless you hand everything over to them anyway – in which case they only want $1.5 mill…

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