Pickering, Ontario-based Ironstone Media Corporation has submitted a Notice of Intent to file a Proposal within Canada’s Bankruptcy and Insolvency Act, which affords the company bankruptcy protection as it restructures.
“We initiated the process, which is fully supported by our bank and key suppliers,” wrote John Bacopulos, CEO of Ironstone Media, in a statement about the filing. “Further, we have spoken to our customers about our plan and the feedback and support has been overwhelmingly positive.”
Bacopulos indicates that Ironstone fully intends to use the BIA process to restructure, and that the company will continue to operate as normally for the time being.
Founded in 1961, Ironstone Media today consists of three divisions, with around 100 employees, including Web Offset Publications, LinkPath and Imprint. The company was built primarily by focusing on publication printing, and more recently expanded into digital- and cross-media initiatives, such as virtual publications (LinkPath), and toner-based production (Imprint).
“We anticipate that within a short period of time we will have accomplished our restructuring goals and will continue to be print suppliers in the publication printing marketplace.”