Senior lenders of Kew Media Group Inc. provided notice of an event of default under the company's senior credit facilities due to inaccurate information provided by a former CFO of Kew Media.
Kew Media said in a Dec. 16 news release that it continues to "discuss its short-term liquidity requirements with its senior lenders." The senior lenders have not taken action to enforce or accelerate.
The company previously disclosed that former CFO Geoff Webb left the company after certain reports Webb provided to the "company and its senior lenders contained inaccurate information regarding working capital."
Earlier this month, Kew Media formed a special committee of independent directors to review strategic alternatives for the company.
Kew Media produces and distributes multigenre content worldwide.