Red Cover Restructures Debt

Posted on 7/14/2008 by Jim Pickerell | Printable Version | Comments (0)

Red Cover Picture Library located in the United Kingdom has entered into a Company Voluntary Arrangement (CVA) to restructure its debt.

A CVA is a deal between an insolvent company and its creditors that places a ring fence around the company, stops creditors attacking it and allows the company to repay some or all of its historic debts from future profits over a period of time. Directors remain in control, and it stops any legal actions.

To this end, Red Cover has held a formal meeting administered by Fisher Partners, Chartered Accountants, where a representative group of contributors and creditors agreed to a plan to take the company forward under a CVA.

"We put forward a number of proposals and all were accepted," comment two contributors, Andrew Twort and Johnny Bouchier. "We and many others, have been with the company for a number of years and feel we can work together to get Red Cover back on-track and ensure they take their place as a major player in the rights-managed picture library industry."

"With the blessing of the contributors, we plan to create a much more transparent business working closely with all of our writers and photographers and the existing internal team to build a better business for all" said Mark Bezodis, managing director.

The London-based specialty stock library, founded in 2000, is known for its rights-managed archives of interiors, gardens, lifestyle and food and recently launched a royalty-free collection.

The company now plans to work closely with the SAA (Stock Artists Alliance) and BAPLA (British Association of Picture Library and Agencies) to meet these new objectives.

Copyright © 2008 Jim Pickerell. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-461-7627, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of, an online newsletter that publishes daily. He is also available for personal telephone consultations on pricing and other matters related to stock photography. He occasionally acts as an expert witness on matters related to stock photography. For his current curriculum vitae go to:  


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