MONTREAL — TQS, which bills itself as the ‘black sheep’ of Quebec TV, has filed for bankruptcy protection from its creditors.

The French-language network’s position in the Quebec market has declined while it has undergone cost-cutting in the last few months, said Louis Audet, CEO of Cogeco and chairman of TQS’s board of directors, in a statement. ‘TQS is a victim of circumstances beyond its control,’ said Audet. TQS covers all of Quebec and is majority (60%) owned by Cogeco. CTVglobemedia holds the remaining shares.

‘However, other people besides ourselves — all TQS’s shareholders — have the required levers to bring about a lasting solution. We are hopeful that they will seize the opportunity to make the necessary adjustments to save francophone general-interest television,’ said Audet.

The move is meant to give the company 30 days to reorganize its operations.

The company blamed the gradual loss of advertising revenue to specialty TV networks and content accessible over the Internet — combined with increased production costs — for its financial predicament.

TQS also said the CRTC’s refusal to grant conventional TV networks an equal ability to charge subscriber fees for signal distribution is also a factor.

In October, Cogeco hired CIBC World Markets to help identify strategic alternatives for the province’s number-two private TV network, which employs 600 people. On Monday, after considering CIBC World Markets’ report, the board concluded that it was in the best interest of TQS, its employees and creditors to request court protection.

Under the order, RSM Richter has been appointed as monitor by Justice Journet of Quebec Superior Court.

TQS has five of its own stations — in Montreal, Quebec City, Saguenay, Sherbrooke and Trois-Rivieres — and four affiliates in Gatineau, Ottawa, Val-d’Or, Rouyn-Noranda, Rimouski and Rivière-du-Loup.

TQS also operates its own production house.