Deloitte Corporate Restructuring Group, which specializes in reorganizing troubled companies, has taken over day-to-day operation of Modern VideoFilm. Scott Avila, a principal of Deloitte CRG, has been named CEO of the postproduction facility. He replaces Moshe Barkat, the company’s founder, who was ousted as CEO and President by the board of directors in September. Cooper Crouse, a director of Deloitte CRG, has been named President of Modern Video/Film.
Avila and Crouse’s previous job for Deloitte CRG, a subsidiary of the giant professional services and accounting firm Deloitte Touche Tohmatsu Ltd, was to manage the affairs of the financially distressed Culver Studios before its sale to Hackman Capital Partners this year. Roxanna Sassanian, a former financial officer at the Culver Studios, has been named Modern Video/Film’s CFO, replacing the ousted Hugh Miller.
Asked about Deloitte CRG, Avila told Deadline: “I can’t comment on that. I’m an officer of Modern Video/Film. That’s what I can comment on.”
Deloitte CRG’s website says that it is “a nationally recognized team of professionals specializing in providing in-depth advisory and interim management services to companies and their stakeholders” – the key word here being “interim.”
Avila’s profile on the Deloitte CRG website notes that he is a “seasoned Modern VideoFilm restructuring professional” who “helps operationally and financially distressed organizations through out-of-court restructuring and Chapter 11 reorganizations.”
A spokesperson said Modern VideoFilm is “definitely not” filing for bankruptcy.
Under its new management, the company said in a press release, “Modern VideoFilm will seek to broaden its ties to studio clients, independent producers and content distributors, and work more closely with them to implement new workflows, production technologies and modes of media distribution.”
Avila said in a statement: “We want to partner with our clients to better meet their needs today and in the future,” “With the media landscape changing rapidly, we need to be a nimble, forward-thinking company. We are excited about our future.”
Although the company’s top two officers have been replaced, several longtime executives remain onboard, including Bill Watt, President of Digital Media Services; Mark Smirnoff, President of Creative Services; and Jon Johnson, EVP Sales, who will all be taking on additional managerial and operational responsibilities.
Modern VideoFilm, which has provided postproduction and distribution services to the film and TV industry for more than 33 years, employs more than 500 artists, engineers, producers, technicians, client representatives and support personnel at its facilities in Burbank, Glendale, Santa Monica and Arizona.
The company has worked on high-profile film and TV shows including Avatar, Modern Family, Game Of Thrones, The Walking Dead, Sons Of Anarchy, House Of Cards, Falling Skies, How I Met Your Mother, The Grand Budapest Hotel, The Descendants, There Will Be Blood and Best Picture Oscar winner Slumdog Millionaire.