The Russian DTH platform Raduga TV, which was backed by MTG and ceased operations at the end of last year, has debts of over R122 million (€1.61 million).

Comnews reports that the Moscow Arbitration Court recognised DalGeoKom, the operator of Raduga TV, bankrupt on August 20 under a simplified procedure. It then opened bankruptcy proceedings for a period of six months.

The court’s decision to declare Raduga TV bankrupt can be appealed to the Ninth Arbitration Court of Appeal within a period of one month.

Despite owing over R122 million, Raduga TV has no assets and so the claims of its creditors, who are believed to number at least a dozen, are unlikely to be met.