Montreal: After seeking bankruptcy protection late last month, management at post-production and animation special F/X house Buzz has made a pro rata offer of full payment to creditors.

The plan is to pay off about $1.2 million to non-guaranteed creditors over a period of 30 months. Creditors owed $5,000 or less will be paid in full this October, while creditors owed more than $5,000 will receive an initial payment in October and four more payments through to December 1999.

Loans from shareholders in the form of debentures, some due in ’98, will be rescheduled and paid from company earnings over the next 10 years.

Buzz’s overall indebtedness is $5 million. The response from creditors will be known following a meeting on July 17.

Meanwhile, he says Buzz remains busy with new contracts, including new work from advertising agencies.