Today, PrimaCom Management said it has secured credit lines to a value of €15 million with a consortium of banks. The company is also exempted from further financial obligations of approximately €15 million over the next few months.
The newly secured bank loan will allow the operational business of the PrimaCom group to continue its business.
As announced on June 14, 2010 in an ad hoc statement by the company, the District Court of Charlottenburg has started insolvency proceedings for the non-operating PrimaCom Holding AG. The Charlottenburg District Court has ordered Attorney Hartwig Albers to be the provisional liquidator.
The subsidiaries of PrimaCom AG are not affected by the insolvency of the parent company.