Home Business Alfa-Bank Initiates Bankruptcy of the Satellite Operator “Poverkhnost TV”

Alfa-Bank Initiates Bankruptcy of the Satellite Operator “Poverkhnost TV”

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At the request of Alfa-Bank (Ukraine), the Economic Court of Kyiv instituted legal proceedings on the bankruptcy case of “Poverkhnost TV”.

The edition “Novoye Vremya”, referring to the “Ukrainian News”, reports that the court proceedings were initiated pursuant to the loan agreement dated 18 September 2006 signed between “Poverkhnost TV” and AvtoZAZbank, the legal successor of which was the Bank of Cyprus, which was later acquired by the Alfa-Group Holding and renamed as Neos Bank.

In 2006, the company “Poverkhnost TV” was granted a loan in the amount of USD 1.7 million and UAH 13.2 million. However, the company violated the contractual terms with the bank and failed to comply with its obligations. The subsequent court judgment recognized the company’s debt to the bank in the amount of UAH 45.3 million. The court also banned the debtor and the company’s owner to decide on the liquidation, reorganization and disposal of fixed and pledged assets.

“Before March 15, the administrative receiver duly represented by Evgeniy Gavrilyuk will present to the Economic Court the results of hearings of creditors’ claims and the list of those claims. Until March 23, there will be held a recognition of debtor’s assets. The preliminary court session is scheduled for March 27”, as the edition “Novoye Vremya” specifies.

Let us recall that the company “Poverkhnost TV” started satellite broadcasting before the crisis in 2008. Then its shareholders were the Istil Group of Mohammad Zahoor, a businessman of Pakistani origin, which owned 55% of stocks, and the president of “Poverkhnost TV” Victor Samoilenko.

In August 2010, the satellite operator “Poverkhnost Plus” gave up broadcasting via the Eutelsat W4 satellite (36°E).

The reason for giving up broadcasts, as well as the restart and future plans were featured by the founder of the “Poverkhnost” Group Viktor Samoilenko in his interview to the Mediasat.

This year, the “Poverkhnost” Group announced launching its OTT platform PV+.