Following its December filing for creditor protection, Tricon Films & Television has received multiple offers to purchase its distribution business, with the company set to go before the Ontario Superior Court of Justice next week to request additional time in order to complete the sale of its library.

In a Jan. 26 filing made by financial advisory services firm KSV Kofman, which is acting as the monitor in Tricon’s CCAA proceedings, Tricon requested its stay of proceedings be extended until Feb. 28.

The filing did not state how the company’s distribution library is to be sold and whether it will be acquired in parts or as one single transaction.

The company’s library contains 72 films that are produced by Tricon or its subsidiaries, as well as 185 third-party titles, for which Tricon holds various rights, as per its previous filing.

Bidders were not identified in the documents, though multiple preliminary offers were received, the filing read. Potential purchasers must now submit their final offers before Friday, Jan. 27, after which KSV will assess the revised offers and make recommendations to Tricon, its shareholders and the Court.

Since December, the company has continued to deliver on its production commitments, with new episodes of Counterfeit Cat and Timber Creek Lodge nearing completion.

In addition, Tricon has been working with KSV to compile information on prospective buyers, as well as facilitating diligence requests and setting up meetings with interested parties. As announced previously, the producer/distributor has reduced its employee count to 13 from 36.

Tricon is due to appear before the court to request the creditor protection extension on Jan. 31.

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