site.btaAgreement Reached on settlement of TV7's Debts to Corpbank

Agreement Reached on settlement of TV7's Debts to Corpbank

Sofia, May 6 (BTA) - Private enforcement agent Nedelcho Mitev
and TV7 CEO Kiril Blagoev have reached agreement on a settlement
of TV7's debts to Corpbank, the TV station said on Thursday.

Until the end of next week, the news organization will pay a
total of 300,000 leva of the amounts due to Corpbank, and the
first remittance will be made even on Thursday. The remaining
some 4.7 million leva will be paid until the end of May.

On April 29, the private enforcement agent, acting on a decision
of the failed bank's trustees in bankruptcy, made a surprise
visit to TV7, accompanied by Corpbank's legal adviser, for the
seizure of television equipment pledged to the bank as a
collateral for a ten months' overdue loan. The enforcement
agent's attempt to seize the station's server, without which it
would have to go off the air, met with a strong reaction from
the staff, public activists and NGOs who picketed the building.
After a visit to the scene of the incident that same day, Deputy
Prime Minister and Interior Minister Roumyana Buchvarova
admitted that the massive police presence there had been
unwarranted. For this reason, she demanded and accepted the
resignation of two police chiefs.

TV7 is one of the four Bulgarian TV operators broadcasting
within a national range and is considered to be close to
businessman and former Corpbank majority owner Tsvetan Vassilev.
The station's financial woes started when Corpbank was placed
under special supervision and suspended all payments in June
2014. The TV broadcaster had its assets distrained last year and
is now managed by a trustee in bankruptcy.