Bulgaria's TV7, BBT File for Bankruptcy With Sofia City Court
The TV7 and BBT TV channels filed for bankruptcy with the Sofia City Court, in accordance with the Commercial Act, reports Dnevnik.bg.
“With this move the company hopes to protect itself from invalid claims of creditors,” said the management of the two connected companies in a statement to the media.
Last week No Frame Media, the company connected to the journalist-turned-politician Nikolai Barekov, requested from court to announce the national TV station in insolvency. He claimed his former employees TV7 and BBT owed him “millions”.
In its press statement TV7 and BBT, which operates under the brand News7, admitted that they have delayed payments to various suppliers due to the placement under special supervision of the Commercial Corporate Bank (KTB), where the stations keeps their assets.
The TV stations management pointed out that the court procedures are long and complicated and would most likely take three months. For the period the stations will continue their production and transmissions as usual.
- » Reuters: Bulgaria Picks 2 Local, 2 Int'l Banks for Bridge Loan
- » EU Commission Allows Bulgaria to Use EU Funds for Sofia Tech Park
- » Holders of Guaranteed Deposits in Bulgaria's KTB Number 255 000
- » State Aid to FIB in Line with EU Rules, Commission Says
- » Finance Ministry To Present Draft Budget Report
- » Finance Ministry Reopens 7-Year Issue of EUR-Denominated Govt Securities