German business and financial news channel DAF has been transformed into an internet TV service and a TV production company following the finalisation of the insolvency proceedings.
The 37 creditors have unanimously agreed to the insolvency plan proposed by restructuration officer Christian Köhler-Ma. The channel which launched as a web-TV service in 2006 thereby returns to its roots. From the former staff of 39 employees, around 20 journalists and technicians will continue to be employed.
DAF will continue to provide financial and stock market news via the internet for reception on PCs, smart TV sets, smartphones and tablets. The DTH satellite distribution on Astra (19.2° East) was closed down in April 2015.
The channel operated by Börsenmedien AG, a company founded by German media entrepreneur Bernd Förtsch, had to file for insolvency in March 2015, mainly due to the high costs of the satellite distribution and decreasing TV advertising revenues.