In addition to the assets acquired, contracts for existing shows were also purchased and will now be serviced by Fourth Phase. Neither Fourth Phase nor PRG have assumed any of the liabilities of the former Westsun operations, which are being addressed by the interim receiver through the receivership process.
The assets acquired in Las Vegas and New Jersey are now being consolidated into existing Fourth Phase operations in those two locations. Meanwhile, those acquired in Toronto have resulted in the creation of a new business unit - Fourth Phase LTD. Beni Kantorovich, the general manager of Westsun Toronto will now continue in that role for Fourth Phase LTD, where he will work closely with Bill Groener, PRG vice president for Northeast Operations.
According to Jere Harris, chairman and CEO of PRG, "while we are delighted to be able to offer lighting products and services in all three of the world’s major English-speaking theatrical markets - New York, London and now Toronto, it is unfortunate that current market conditions have resulted in the demise of the Westsun operation. No-one (producers, designers, manufacturers or lighting sales operations) benefits when it becomes impossible to make necessary returns to support a company such as Westsun. This is not good news for anyone in our industry - these are sobering times and, until there is a stabilization in product and pricing, only the most stable companies will weather the storm."
(Ruth Rossington)
