Alfacam’s rescue in difficulties?
April 2, 2013
By Chris Forrester
Outside broadcasting specialist Alfacam is operating under the Belgian version of Chapter 11 (‘judicial protection’) while it seeks a financial rescuer. A Board statement says (March 29) that the negotiations with India’s Hinduja Group in order to find a structural solution for the group are progressing “in difficult circumstances. A final outcome is expected shortly. Negotiations are also held with other potential investors.”
Alfacam’s Board has called an Extraordinary General Meeting for April 12, and ahead of an obligatory April 15 filing of the company’s reorganisation plan. Alfacam has been operating under Chapter 11 since October 2012, but that protection ends on May 5.
Alfacam also reported its latest financial numbers. While revenues have more or less recovered to €42.5 million (2010 €44.5m, 2011 €33.2m) the company, which specialises in capturing Outside Broadcast sports events, and it benefited from covering part of last year’s Olympic Games in London, it also reported that some €1.5 million of its profits came from the sale of two OB trucks (OB20 and OB37).
However, Alfacam has also re-valued its real estate and other fixed assets and has marked them down by €9.8 million which helped deliver an overall net loss of €21.8 million compared with €13.9 million in 2011.