The company that owns The Georgia Straight newspaper has filed for an "assignment in bankruptcy," which is to say it is voluntarily filing for bankruptcy.
Media Central Corporation Inc bought the alternative newspaper and online publication in March of 2020, after which their stock price rose to 13 cents, then tumbled to a single cent in value, where it has been languishing for the past few months.
In a media release dated March 31, 2022, the company says that the company "is no longer able to meet its financial obligations and has appointed Ira Smith Trustee & Receiver Inc. as its Licensed Insolvency Trustee (the "Trustee") to seek protection from its creditors and administer the process."
The release also states that this somehow will "not affect Media Central's subsidiaries' operations," and that The Georgia Straight will "continue regular publication."
We placed a call to the paper's editor, Charlie Smith, who curtly told us he was in a conference call, and immediately hung up the phone.
