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The first creditors meeting in the wake of the sudden bankruptcy of the company that used to provide news content to this station took place yesterday.

On December 11 more than 160 employees of a company called Channel 11 limited partnership were suddenly terminated, after it’s parent company, Channel Zero declared bankruptcy.

Claims filed in the days since the announcement show the limited partnership has around $60 000 dollars in assets.

The trustee overseeing the bankruptcy, MNP, has also taken control of the books and frozen the bank account.

As for the estimated $1.6 millon in severance owed to all former employees, the trustee’s preliminary report doesn’t offer much hope. MNP says it’s unlikely there will be any funds available for unsecured creditors.

The union representing the employees who lost jobs, and those who were re-hired, has filed an application with the Canada Industrial Relations Board arguing that the new company is successor company, meaning union and contract rights would apply in the new company.