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Veggie Home on Auction Block
Following its recent sale to Classic Media LLC, Big Idea Prods. will hold the final auction for the company’s assets on Oct. 28, 2003. While Classic already put up more than $7 million dollars to acquire the company, bankruptcy code Section 363 mandates that other interested parties be allowed to bid.
As required by the agreement with Classic Media, Big Idea filed for bankruptcy on Sept. 2. The auction process provides a mechanism by which maximum return is created for all creditors. Interested parties should contact Big Idea’s financial advisor, Scott Kohler, at Silverman Consulting in Skokie, IL.
A hearing is set for October 30, in which judge John H. Squires will consider the motion and entry of the sale order.
Meabnwhile, Big Idea and its VeggieTales brand continue to generate strong revenue. The company just released The Ballad of Little Joe and has completed a new Easter special, scheduled for release in February 2004. Two other videos are well into production and slated for release in May 2004 and Sept. 2004. The company’s publishing business, in partnership with Zondervan, also continues to do well. It has sold more than one million books and placed four titles in the top 100 kids books for 2002. Additionally, the brand is beginning its expansion overseas.