Prisa TV to appeal Mediaproducción emergence from bankruptcy

Iñaki Ferreras ©RapidTVNews | 28-12-2011

Canal+’s Spanish Prisa TV division is to appeal the ruling on the emergence out of bankruptcy by Mediapro subsidiary Mediaproducción.

As reported by Rapid TV News, Mediaproducción was declared by Commercial Court No. 7 in Barcelona as to have met all of the objections raised by its creditors with regards to the bankruptcy declared in June 2010.
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).
Now Prisa TV says that the judgement dismissing the objection of creditors Convention was not reliable and that it would appeal the decision before the Provincial Court of Barcelona to consider the point that law has been violated in the proceedings. In particular it is to challenge ruling related to bank loans made by Imagina that have been allowed to form the majority required for approval of the Convention.
The appeal also claims that Mediapro was forced to file for bankruptcy was to avoid provisional enforcement of the Judgement of the Court of First Instance n º 36 of Madrid of March 15, 2010, which obliged it to pay €105 million to Prisa TV subsidiary Audiovisual Sport to deliver broadcasting rights to football clubs.