Primacom files for insolvency protection
German cable operator is $418 million in debtCOLOGNE, Germany -- Primacom will file for insolvency protection from its creditors, the troubled German cable operator said Monday.
Primacom had hoped to stave off bankruptcy but over the weekend its main creditors rejected its pleas to delay calling in a €29.2 million ($36 million) loan.
Primacom, which is controlled by Escaline-Orion, is €340 million ($418 million) in debt. Several cable groups, including Kabel Deutschland, John Malone's Unitymedia and Kabel Baden-Wuerttemberg are expected to swoop down on Primacom's prime assets following the insolvency filing.