TVSN faces legal demands after failed $40 million rescue bid

Shopping channel TVSN is facing legal demands from suppliers following the failure of a $40 million rescue attempt. Suppliers have accused the network of conducting a closing-down fire sale of goods without settling outstanding debts.

One supplier, Guy Parsons of My Hair Doctor, stated he is preparing a formal creditor’s demand for $140,000 owed for hair care products delivered to the company’s Sydney headquarters.

Prior to the liquidation process, a last-ditch rescue bid titled ‘Project Signal’ was pitched to approximately 170 high-profile Australian investors. The proposal, sent by Tim Brookes of advisory firm Unessa, sought between $32 million and $40 million to restore liquidity following a restructuring. The list of approached parties included various family offices, private equity firms like CPE Capital and Propel Investments, and prominent figures such as Andrew Forrest’s Tattarang and Minderoo.