Alfacam in Rough Waters with Creditors

By Marc Castro

Apr 03, 2013 11:23 AM EDT

Alfacam Group, the television services company based in Belgium, is now scarmbling for finances after its creditors pulled the plug on the company. It is now seeking a new investor to help keep it afloat.

The company was initially given creditor protection last October and it has reported that its creditor banks have decided not to extend its provided suspension of payments afforded for its debts beyond the deadline of March 31, 2013.

The company provides broadcast services and television studios and it has signed a memorandum of understanding last December with its primary creditors, namely the family owned Hinduja Group conglomerate and other banks.

The deal was supposed to bear a Eur24 million or US$31 million credit facility with Hinduja infusing Eur6 million into the firm but did not push through for its breach of agreeement terms and conditions finalized a year ago. The said amount would have covered all of its debt.

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