Reuters: Bankruptcy News: UPDATE 1-Alfacam sees risk of bankruptcy, shares suspended

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UPDATE 1-Alfacam sees risk of bankruptcy, shares suspended Apr 11th 2013, 14:01 Thu Apr 11, 2013 10:01am EDT * Belgian court trying to transfer assets to investors * Banks have cancelled credit lines (Recasts, adds background, details) BRUSSELS, April 11 (Reuters) - Belgium-based Alfacam , the provider of Europe's largest fleet of outside broadcast vans, said it may have to file for bankruptcy if a final bid for protection under Belgian law fails. The company, which also provides broadcast services and TV studios, was granted creditor protection in October and has been seeking investors since then. It released the statement after talks with creditors and investors failed. "No agreement has been found about a solution between all the parties involved in this negotiation," it said. The Belgian market regulator suspended its shares on Thursday, and the company said they would remain suspended until further notice. Alfacam struggled to make enough money from its broadcast vans to cover its debts, and earlier this month its lenders cancelled its credit lines. It signed a memorandum of understanding in December with its banks and Indian family-owned conglomerate Hinduja Group. It has also been talking with Hinduja and other potential investors, but no deal has materialised. Now it is making a final attempt to avoid bankruptcy under Belgian corporate law, which involves officers from Belgium's Court of Commerce trying to transfer its activities to some of its investors. (Reporting By Ben Deighton; Editing by Barbara Lewis and Helen Massy-Beresford) Link this Share this Digg this Email Reprints

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