Quickflix gone into voluntary admin
Quickflix has appointed Ferrier Hodgson as administrators.
Quickflix has gone into voluntary administration, blaming rival streaming service Stan.
Quickflix says it has appointed Ferrier Hodgson as administrator because the $11.7 million of redeemable preference shares Stan acquired from HBO in 2014 are stopping it from raising the capital it needs.
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Quickflix, which this month announced a 15 per cent cut in staff as part of an effort to save $1 million a year, said it cannot afford Stan’s demand for either $4 million in cash or $1.5 million and all Quickflix’s subscribers in exchange for restructuring the shares.
“The majority of potential new funders have specified the restructure of the RPS as a condition of providing capital,” Quickflix said in a statement.