Following on from last Friday’s suspension of shares, see ‘Worsening Cash Flow At VMG Forces Share Suspension‘ we now have to report that VMG was placed into administration earlier today.
That’s going to be pretty much it for them we suspect. No doubt management will try to buy back some of the contracts and build a new business (the new digital 6-sheet Pod business in some of the better malls would be worth the most) – note that all their International efforts were hived off into a separate business a while back too.
Safe to say that the three guys at the top of this business won’t be on anyone’s Christmas card list this year.
Could this be an opportunity for Neo Media Group / Avanti Screenmedia to do deals with Clear Channel and some new malls?