Kew Media Group Inc. formed a special committee of independent directors to review strategic alternatives for the company.
Alternatives for the company include the sale of part or all of the company, a merger or other business combination with another party, new capital initiatives or other strategic transactions, according to a Dec. 11 news release.
The committee, which will be chaired by David Fleck, also includes Patrice Merrin and Maish Kagan, and its financial adviser is TD Securities Inc.
Additionally, Kew Media said Geoff Webb left as CFO of the company after certain reports Webb provided to the "company and its senior lenders contained inaccurate information regarding working capital." The company said it is conducting a detailed review of these matters with the support of its financial and legal advisers and is in discussions with its senior lenders regarding this and its short-term liquidity requirements.
Michael Corrigan was named interim CFO of Kew Media. Corrigan was previously senior executive vice president and CFO of Metro-Goldwyn-Mayer Inc.