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Primacom has completed the first stage of restructuring after the German cable operator’s shareholders transferred the business to Luxembourg-based private investors Medfort for an undisclosed sum, the company said. Analysts suggest the selling price is around €300m.
The cable operator, which has around 700,000 subscribers filed for bankruptcy in mid-June when it could not reach agreement with its lenders. Primacom’s CEO Michael Dorn said the operator now has sufficient resources to resume its plans to further expand its networks and to develop new products.
The cable operator, which has around 700,000 subscribers filed for bankruptcy in mid-June when it could not reach agreement with its lenders. Primacom’s CEO Michael Dorn said the operator now has sufficient resources to resume its plans to further expand its networks and to develop new products.