Intercity Broadcasting Network, a Toronto-based company that operates Radio Station G98.7-FM which was placed in” investigative receivership ” on June last year, has been ordered by an Ontario Court to be sold.
The station which has a large Caribbean listenership, is reported to be deeply in debt
- Farber & Partners Inc has been authorized to conduct a sale and investment solicitation process (“SISP”) in its capacity as court-appointed Receiver of IBN.
Delford Blythe, a minority shareholder of IBN and former Chief Financial Officer (CFRO) was quoted last year as saying that the station was owning “more than $200,000 to the Canada Revenue Agency; $183,000 to the Canadian Radio-television and Telecommunications Commission, the federal regulator; and additional sums of more than $165,000 to creditors who have received judgments against the station.
When contacted earlier tbis week, he refused to provide any furrther information about the financial affairs of IBN.
However, the debts are now believed to have risen to more than $2,000,000.
Jamaica-born Firzroy Gordon, ,was the founder and Chief Executive Officer of G98.7 FM. In 2011, the Canadian Radio-Television and Telecommunications Commission granted him a licence to operate the station.
Gordon who suffered a stroke in 2017, died in 2019.His wife, Marvette is the major shareholder of the compaany.