United Pan-Europe Communications, the largest cable television company in Europe, has taken a step closer to emerging from bankruptcy after the Dutch attorney general advised the supreme court to reject a creditor appeal blocking the move.
Earlier this year, UPC’s restructuring programme was approved by shareholders (see
UPC On The Road To Recovery) and the courts (see
UPC Wins Backing For Refinancing Plan) but its emergence from bankruptcy protection was delayed by an appeal from a small creditor InterComm Holdings.
This has now been dismissed and UPC is confident that normal service can be resumed, particularly as the supreme court tends to heed the recommendations of the attorney general.
UPC is indirectly controlled by John Malone’s Liberty Media but was forced into bankruptcy protection last year after running up debts of €10.4 billion (see UPC Files For Bankruptcy).
