December 16/03 6:08 am - Trilife Bankruptcy

Posted by Editor on 12/16/03
 

Trilife Declares Bankruptcy

Trilife Sports International, who produces the 24 Hours of Adrenalin offroad series across North America has filed for bankruptcy, we have learned. On December 3rd, in Toronto, the company filed a Statement of Affairs detailing assets of $78,740 (nearly 60% rolling stock - the trailers and equipment used to produce the events) and total liabilities of $375,774.95. The vast majority of the total deficiency (what is owed), amounting to $297,034.95 is owed to 17 unsecured creditors; a sum of $295,084.95. The largest creditors are two American law firms and a Toronto-based video production company, who are owed approximately 55% of the total unsecured debt. There is only one listing of an event venue in the unsecured creditors list, for a relatively modest $1200. The 24 Hours of Adrenalin website has a front page up stating

"Our site is down while we are building a new system. Our target live date for the new site is mid December 2003. We apologise for any inconvenience."

The first creditor's meeting is scheduled for December 22nd in Toronto.