Quickflix Restructures SVOD Debt

SYDNEY: Quickflix has finalized agreements with additional SVOD licensors, including “major studios,” that have resulted in the recovery of A$7 million ($5 million) in debt.

Quickflix had announced A$2 million ($1.4 million) in debt recovery in October by signing deals with one “major” studio. The TV and movie streaming company has now signed further deals, resulting in the release of more than A$5 million ($3.6 million) in additional obligations. The service has restructured payment obligations for its remaining SVOD obligations, agreed to certain royalty payments based on future revenues from July 1, 2016, and agreed to issue around 51 million options to subscribe for ordinary shares.