Mediaproducción emerges from bankruptcy

Iñaki Ferreras ©RapidTVNews | 27-12-2011

The production house of laSexta's Spanish Mediapro division has passed the last of the required procedural steps to end bankruptcy which occurred from June 2010.

Now fully recovered and designated as working completely normal in its daily management, Mediaproducción was declared by Commercial Court No. 7 in Barcelona as to have met all of the objections raised by its creditors. This means, in practice, the lifting of all measures of intervention and control by the receivers.
The original bankruptcy agreement, supported by financial institutions and the vast majority of creditors, was voted and accepted in December 2010 and only had the only vote against and repeated opposition of the companies of Grupo Prisa (Audiovisual Sport, Distributor Prisa Digital TV and TV).
The bankruptcy was requested voluntarily by Mediapro, in June 2010, on the decision of Sogecable, expressed in writing, not to meet its payment obligations for broadcasting rights of football.
A challenge to the end of bankruptcy was given by Canal+’s Prisa Group of companies in the Court but it was quickly and emphatically rejected by the Audiencia Provincial de Barcelona, ​​which described them as only acting to create a "delay of the procedure," adding that such actions constituted "a clear abuse of procedural law" .