Free Media Ukraine, Blik's publisher in Ukraine, declared bankrupt
The Economic Court in Kyiv on September 21 opened a case on bankruptcy of Free Media Ukraine GmbH Kyiv, a subsidiary company of Adevarul Holding (Bucharest, Romania), which produces several publications under the Blik brand in Ukraine.
The unified state register of court rulings contains a corresponding decision of the court.
According to the document, an application for a declaration of bankruptcy was received from Free Media Ukraine GmbH.
The Economic Court also placed a moratorium on the satisfaction of the demands of creditors and the procedure of disposing of debtor's property. The document does not indicate a sum of the debt.
A preparatory sitting of the court is scheduled for October 18, 2012.
Free Media Ukrainy was founded by Ringier publishing group (Switzerland) in 2006 and included in Adevarul Holding in 2008. It has published Blik in Ukraine since 2006.
According to Free Media Ukraine Web site, Blik has a print run of 500,000 copies per week.
In 2011 a net loss of the company fell by 25.8% year-over-year, to Hr 47.1 million, while the net profit saw 2.5-fold down, to Hr 6.31 million.
Adevarul Holding (Bucharest, Romania) was the 100% owner of Free Media Ukraine GmbH as of November 2010.
The charter capital of Free Media Ukraine GmbH was Hr 61,000 as of first quarter of 2012.
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