Unidentified investor keeping Intermedia afloat
EmptyMUNICH -- Intermedia's German parent, IM Internationalmedia, has found a mystery investor who will help keep the ailing company on its feet, IM said Tuesday.
A "potential strategic partner" acquired 45,000 warrant bond notes for a value of 900,000 euros ($1.3 million), the statement read. This brings IM's most recent warrant bond issue over the 1 million euro mark, including shareholders' purchases of about 145,000 euros ($209,000) since October.
An IM spokesman refused to comment on the identity of the investor.
Most of the cash raised will be used to cover "overhead and other operating expenses," the statement read. Should the new investor choose to exercise all options and no other options owners decide to exercise theirs, he or she will own 57.1% of IM's subscribed capital, the spokesman said.
IM shares spiked sharply Tuesday on the news. The company has been on the financial brink for months, booking a net loss almost exactly equal to its total sales for the first three quarters of this year.
The company's latest release was Richard Shepard's "The Hunting Party," a political comedy starring Richard Gere and Terrence Howard.