TV Loonland restructures

Debt reduced after agreement is reached with its bankers.
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Children's media company TV Loonland has reached an agreement with its bankers in respect of the restructuring of the firm's debt.

The main elements of the package are that the E20 million debt due to the banks will be reduced to E6 million and a minimum capital increase of E2 million will be carried out.

Subsequently to this capital increase, the E14 million waived by the banks will be converted into a maximum of a ten per cent shareholding in the company's new capital, following a second capital increase as a debt for equity swap for this ten per cent.

The full details of the restructuring package will be presented to the shareholders for their approval at the forthcoming AGM, the date of which will be announced shortly.

The accounts for the financial year 2006 and for both the first and second quarter of 2007 will be published shortly.

Once the package has been approved, TV Loonland is looking forward to fully executing its business plan for the coming years with all of its new titles.

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