Belgium's Alfacam secures lifeline from Hinduja
- Parliament LIVE: Jaitley has promised concrete proposals on GST, says Chidambaram
- Kashmir violence -- Omar Abdullah interview: 'It has been building up to this'
- Baton Rouge shootings: Three officers killed, suspect dead
- Grading writers, artistes is new brainwave of Culture Ministry
- Reforms not because of Cong, in spite of it... credit goes to Rao-Singh: Arun Jaitley
Belgium-based television services company Alfacam said on Tuesday it had secured a financial lifeline from family-owned Indian conglomerate Hinduja Group in an initial deal that could also strengthen its position in Asian markets.
Alfacam, to which a court granted creditor protection in October, said it had a preliminary deal for a 24 million euro ($31 million) credit facility and 6 million euro equity injection from Hinduja.
Alfacam, with broadcast services, TV studios and the Europe's largest fleet of outside broadcast vans, said its memorandum of understanding was valid until the end of January 2013. Banks had agreed to suspend repayments until then.The company said that Hinduja Group could offer Alfacam support to deepen its business in India, the Middle East and Southeast Asia.
Alfacam breached its financial covenants in March and said it was looking to raise fresh capital after expansion into countries such as Brazil and India cost more than it had originally planned.
- Congress opposition to GST does no credit to a party that opened up the economy 25 years ago
- Kashmir poses not just moral but also existential questions involving statecraft
- New FDI policy in food products is unlikely to be a game-changer by itself
- Swathi murder case in Chennai must trigger a move to enact strong witness protection laws
- A new government in Nepal does not hold out any promise of greater stability
- Kashmir is more than land, it is people