Tuesday, May 26th, 2009 ::: Titan Bankruptcy

As a result of the City [of Toronto]’s actions, Titan has lost both valuable leases and valuable marketing campaigns. This has further resulted in a loss of gross revenue of close to one million dollars during calendar year 2007.

-Titan Outdoor, January 2008

Titan’s chairman, William Apfelbaum, said that ad rates and sales have plummeted with the distressed economy, pushing the company’s sales revenue this year down about 25 percent.

-The New York Times, May 24, 2009

Titan Outdoor is on the verge of bankruptcy. At this point, it’s just a matter of time before this pathetic company files for Chapter 11.

We covered the issue in Titan Outdoor Teeters on the Brink of Bankruptcy and Fails to Make Payments to Boston Transit Authority. Since then, Titan Outdoor has continued to fail to make contractually-mandated payments to municipal transit authorities across the states.

According to this article in The New York Times:

-In NYC, Titan, fell short a total of $7.5 million in mandatory payments to the Metropolitan Transportation Authority from February through April, citing lower than expected ad sales… Titan still owes the authority an additional amount for last year’s ad sales.

-In Boston, Titan fell $321,000 short in its payment for March and April to the Massachusetts Bay Transportation Authority.

-In Minneapolis and St. Paul, Titan paid Metro Transit about $100,000 less than the required $1 million payment.

-Transit officials in Chicago, Philadelphia, and San Francisco said that they had also been approached by Titan to renegotiate contract terms.

We eagerly await the Chapter 11 filing, only because we’d just love to see our name all over it. Note that last year, Titan Outdoor submitted an affidavit in which it claimed that by-law enforcement in the City of Toronto has cost Titan over $1 Million — that’s twice the amount of money Titan owes both Boston and Minneapolis combined. That’s what happens when you do business with companies that break the law.