Vértice 360 starts bankruptcy proceedings
Juan Fernandez Gonzalez | 16-12-2013
Spanish TV producer Vértice 360 is unlikely to be able to meet its debts and has requested a meeting with its creditors. The company has communicated its intention to the CNMV, according to Europa Press.
Vértice 360, which produces series and documentaries, such as Doctor Mateo and La Princesa de Éboli, has four more months to look for a financial solution to its debt and avoid pressure from its creditors. According to the company's figures, it has increased its losses over five-fold during Q3, accumulating an overdraft of €61 million.
"After studying the society's financial situation, and while a refinance proposal with creditors is being negotiated, the company's board of directors has decided to start meeting creditors according to Spanish law," said Vértice 360.
The audiovisual firm has been listed on the Spanish stock market since 2007 and offers production and post-production services for both TV and cinema.
Some of Vértice 360's audiovisual subsidiaries were bought last summer by HIG Capital, and now operate under the brand Tres 60, which has made it clear that it is not listed on the stock market and doesn't have financial problems.