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Creditors poised to control Tele Columbus

Source: Reuters - Tue 17th Nov 2009

Creditors of Germany's Tele Columbus are poised to take control of the company after an attempt to sell the stricken cable television operator failed,sources close to the matter told Reuters.

Its indebted owner, Orion/Escaline, could lose its entire stake when creditors convert their debt into equity,several sources close to the situation said on Tuesday.

Talks were under way to roll over an accord freezing creditors' claims that is set to expire on Nov. 27, they said.

"We are in constructive talks to extend the standstill agreement" said a spokesman for the company, which owes more than 900 million euros ($1.3 billion).

Creditors had hoped a sale would raise more than 500 million euros to pay off at least the senior secured debt.

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