PrimaCom files for insolvency
June 16, 2010
German cable operator PrimaCom has confirmed it will file for insolvency protection, after its shareholders failed to come to an agreement with creditors regarding repayment of a E29.2 million loan. Following rejection of a repayment proposal by creditors, PrimaCom’s shareholders have said they are no longer willing to negotiate and therefore the board will prepare a bankruptcy petition.
The firm’s creditors and major shareholders have been negotiating the restructuring of the debt and credit position of PrimaCom since April. The company has stressed that the day-to-day running of the cable business is not affected.
German cable network operator Kabel Deutschland (KDG) said it is interested in buying assets from PrimaCom