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Further Failure in Media in NZ

The ‘Going Concern’ Is Now An On Going Concern With Solvency Issues.

Mediaworks has released its (heavily qualified) auditor’s opinion from PWC which casts doubt over the ability of the company to operate as a going concern. 

It highlights a stonking loss of $125.9m for the year ended Dec 2022. At that point current liabilities exceeded current assets by $19.4m (ie the company is balance sheet insolvent). 
PWC notes that “a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.”  
It’s a very high probability that Mediaworks will need to enter an insolvency process imminently. 
One of the Quadrant directors left the board in August.
Mass redundancies and a sell down of the few assets the company has is the likely outcome – there is only so many times you can restructure a business. 

More to come …. 
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