Casa de Insolventa Transilvania announced the close of the transaction following which Romtelecom will take over the assets and customer base of the insolvent Boom TV.
The customer migration process will start in June and will be made gradually over the course of several months.
At this point, Romtelecom has already made an advance payment from the price of the transaction and the final value of the transaction will be established after the end of the process of customer migration.
“The reorganization plan voted by the creditors stipulated the sale of the Boom TV commerce fund to an investor, and of all the interested investors was selected Romtelecom,” said Andreea Anghelof, Senior Partner in Casa de Insolventa Transilvania.
The largest creditor of Boom TV is Unicredit Bank which will recover a large part of the debt, according to the same source.
The insolvency procedure of DTH Television Grup which runs Boom TV was opened in May 2010 and Casa de Insolventa Transilvania became legal administrator.
“The minimum price for acquiring the assets from the company will not be lower than the evaluation value of EUR 7,320,000 plus VAT, in the context in which the buyer takes over a number of 95,000 subscribers. If the number of transferred subscribers is lower than 95,000, the sale price can be reduced accordingly with EUR 80.08 per subscriber,” according to the reorganization plan.