Primacom gets reprieve from insolvency
Troubled German cable TV group gets $18.6 mil credit lineCOLOGNE, Germany -- Troubled German cable TV group PrimaCom has dodged a bullet -- securing a new €15 million ($18.6 million) credit line just days after it announced it would have to file for insolvency protection (THR 6/14).
In addition to the new cash, Primacom said it has also secured an extension of several months for payment of a further €15 million in due loans.
The cabler, which is controlled by Escaline-Orion, now has some breathing room to try and restructure and pay down its €340 million ($421 million) debt load. On Monday, Primacom warned it would soon file for insolvency protection after creditors called in a €29 million ($36 million) loan.