TopTV creditors have voted to accept a rescue plan whereby China’s Star Communication Technology (Star Times) will take over the struggling pay-TV provider.
The rescue plan was adopted just hours before the operator would have had to cease operations on Tuesday night (30 April).
The rescue plan was initially adopted by 93,9% of creditors, and later by 99,3%, and includes a discounted settlement of their claims as well as a turnaround plan to restore TopTV to a solvent future for a minimum of the next three years.
Although the Star Times plan was the one on the table, creditors also considered two late bids from Dynamic TV, backed by Multichoice, and from Kenya’s Wananchi Group.
TopTV owes tens of millions to its creditors, which is why some channels have been discontinued in the last few months. Reports reveal that the pay-TV provider has been overspending by about R25-million per month.
Star Times has offered creditors 10c per rand, and will install its own CEO at the company.
The rescue plan was adopted just hours before the operator would have had to cease operations on Tuesday night (30 April).
The rescue plan was initially adopted by 93,9% of creditors, and later by 99,3%, and includes a discounted settlement of their claims as well as a turnaround plan to restore TopTV to a solvent future for a minimum of the next three years.
Although the Star Times plan was the one on the table, creditors also considered two late bids from Dynamic TV, backed by Multichoice, and from Kenya’s Wananchi Group.
TopTV owes tens of millions to its creditors, which is why some channels have been discontinued in the last few months. Reports reveal that the pay-TV provider has been overspending by about R25-million per month.
Star Times has offered creditors 10c per rand, and will install its own CEO at the company.