Boom TV creditors discuss sale strategy

The creditors of satellite TV services provider DTH Television Grup (Boom TV), which became insolvent in mid this year, failed to reach an agreement on the strategy to sell the company's assets, representatives of Casa de Insolvenţă Transilvania (CITR) insolvency firm, the company in charge of the operator's reorganisation, told ZF.

"The Creditors' Meeting was held on December 15th, when the judicial administrator presented the strategy for selling the company's assets. Creditors' representatives said they would come up with a written point of view on the strategy," Andreea Anghelof, senior partner of Casa de Insolvenţă Transilvania, told ZF. Sale plans cannot be made public until the creditors' consent is secured, she added.
One of Boom's biggest creditors is UniCredit Ţiriac Bank, which granted the operator an 18.5 million-euro loan in 2008. The company also received a loan from its shareholders. "No sale of assets is possible without consent of 50% of creditors," said the representative of Casa de Insolvenţă Transilvania. None of the company's creditors held 50%, so several creditors needed to reach an agreement, said Anghelof, adding that Boom's overall debt amounted to around 80 million euros.