The German cable operator Primacom will file for insolvency protection from its creditors, the company has announced in a brief press statement. The major shareholders failed to delay repayment of a €29.2 million loan to the creditors.
The German cable operator PrimaCom faces insolvency as its creditors have asked for €29.2 million to be repaid. It says a deadline of 4pm on Thursday, June 3 has been set, though the day-to-day running of the cable business is not affected.
German cable operator PrimaCom is looking for fresh money as its owner, Luxembourg based investment firm Escaline, is in heavy debt. According to German press reports, both Versatel and Unitymedia have shown an interest in acquiring the cabler.
German cable operator PrimaCom will be the first to offer carriage to the five HD channels from the RTL Group and ProSiebenSat.1. A preliminary launch date of late February has been set.
The German cable operator Telecolumbus has relieved Michael Buhl, Michael Dorn, and Dietmar Schickel of their duties at the company. They will now concentrate on the directorship of the subsidiary PrimaCom.
The German cable operator Primacom has complained to the regulator Bundesnetzagentur about the wholesale pricing of Kabel Deutschland (KDG) for the delivery of television channels to Level 4 operators.
The number of analogue cable subscribers on the Primacom network has fallen from 835,000 to just over 700,000 in the period from June 2009 up to the end of September, 2009. About 100,000 are related to the sale of the networks in Aachen and Wiesbaden to Unitymedia, the remainder are cancellations.