Prisa eyes Chapter 11
July 12, 2013 07.32 Europe/London By Chris Dziadul
PrisaSpain’s Prisa is considering filing for Chapter 11 bankruptcy protection in the US.
Quoting several unnamed sources, NASDAQ and Dow Jones Business News says that the possible move comes as the company, whose interests include the leading DTH platform Digital+, is struggling with debts of around $3 billion (€2.3 billion).
Several options currently seem open to Prisa, with some of its creditors, who include Silver Point Capital LP, Monarch Alternative Capital LP, Knighthead Capital Management LLC and Davidson Kempner Capital Management LLC, having recently joined forces to negotiate a possible restructuring.
Prisa may also split its assets and sell off some of the underperforming ones.
Digital+, for instance, has already been on the market for some time and last month it was reported that Prisa was in talks with Telefónica to sell its 56% stake in the platform for €900 million.
Telefónica currently owns 22% of Digital+ and looks the most likely buyer, though others, including News Corp, remain in the picture.
July 12, 2013 07.32 Europe/London By Chris Dziadul
PrisaSpain’s Prisa is considering filing for Chapter 11 bankruptcy protection in the US.
Quoting several unnamed sources, NASDAQ and Dow Jones Business News says that the possible move comes as the company, whose interests include the leading DTH platform Digital+, is struggling with debts of around $3 billion (€2.3 billion).
Several options currently seem open to Prisa, with some of its creditors, who include Silver Point Capital LP, Monarch Alternative Capital LP, Knighthead Capital Management LLC and Davidson Kempner Capital Management LLC, having recently joined forces to negotiate a possible restructuring.
Prisa may also split its assets and sell off some of the underperforming ones.
Digital+, for instance, has already been on the market for some time and last month it was reported that Prisa was in talks with Telefónica to sell its 56% stake in the platform for €900 million.
Telefónica currently owns 22% of Digital+ and looks the most likely buyer, though others, including News Corp, remain in the picture.