UK independent production and distribution company Power Corp heads for administration at the behest of its bankers, Lloyds. Last year the company partnered with Screentime to shoot telemovie Ice here as a UK-NZ co-production.
Formed in 1995, Power has a strong track record in distribution and entered the production arena in a committed manner six years ago, specialising in telemovies and high-budget broad-appeal dramas.
According to Ice’s publicity materials,
Astonishing weather patterns emerge and plunge the world’s temperatures into steep decline. ICE confronts a wholly terrifying and plausible natural disaster of epic proportions. This uncompromising production sees a planet on the brink of annihilation, unleashing an apocalypse with an intensity and magnitude audiences will never forget.
Power does a particularly good line in misery, pestilence and mass destruction, with titles including 10.5, 10.5 Apocalypse, Aftershock: Earthquake In New York, Apocalypse Earth, Black Storm, Category 6: Day of Destruction, Category 7: The End of the World and Flood – and those are just the ones starting with the first six letters of the alphabet.
This year Power was a BAFTA winner for VFX work on The Day of the Triffids. It was also the winner of The Queen’s Award for Enterprise in International Trade in April for “outstanding achievement in international sales and production, sustained over the last three years.”
Underpinning much of the company’s recent activity was a bank loan of upwards of GBP10 million (NZ$22 million+). That loan was due for repayment earlier this year. Power had been negotiating with Lloyds and other backers for some months but was unable to put together enough money, either inhouse or in conjunction with partners, to satisfy the bank.
Power CEO Justin Bodle told the UK’s Telegraph, “We were forced to default and this may cause us to go into administration.”
Screentime’s Philly de Lacey, Executive Producer on Ice, told Screen Hub that Screentime was on track to deliver the project by the end of this month.
Screentime has a share of ownership of the production, but Ms de Lacey felt it was too early to speculate on whether or not Screentime would be affected by Power’s situation. She understood that Power had not yet been placed into administration, although Screen Hub understands that Lloyds has started the process.