Troubled outside-broadcasting giant Alfacam has been unable to win support from its bankers, and expects to file for bankruptcy.
Alfacam’s board of directors had hoped that the company could continue operating under Belgium’s CEA III creditor protection (similar to Chapter 11). A statement on April 16th said: “The company then checked with the banks in particular whether they would be able and willing to support the new scenario of a protection under CEA III.”
“This Monday 15 April 2013, the banks have officially communicated that they will not support Alfacam Group in its request for protection under CEA III (WCO III). Consequently the company no longer has the opportunity to use its funds to support its operations.”
“The company will ask the Commercial Court of Antwerp to put an end to the CEA procedure. This procedure will probably be followed by the bankruptcy of the company.”
Alfacam has an enviable reputation for its OB work, and on Sunday provided coverage of the Vienna marathon, and played a key role in supplying OB facilities to last year’s Olympic Games.