Vértice 360 plans capital extension in 2013
Iñaki Ferreras | 18-12-2012
Spanish TV production company Vértice 360 plans to extend its capital in 2013, with the entry of new shareholders.
The group's president Manuel García Durán, who is also head of Ezentis, explained in an interview with Europa Press that with this infusion of capital, the company expects to be in a strong market position both domestically and internationally.
García Durán explained that Vértice 360 is made of two major divisions: audiovisual and content. Regarding the content division, he said: "We are restructuring the debt of that division, reducing personnel costs, with a linear decrease of 30% of salary and with EREs, in order to relieve the fixed cost of the company."
He also explained that when he took over the company's management in January 2012 it had an equity position with 45 banks without maturity syndicate and it was impossible to meet the tax debt which totalled over €14 million.
As for the audiovisual division, García Durán pointed out that the equity fund HIG Capital, which manages Jaime Bergel, has recently agreed 49.99% of Vertice 360 audiovisual services for €20 million, which had been a boost for the firm.