BERLIN — Haim Saban is a step closer to taking over the assets of bankrupt Teutonic TV group Kirch Media after calming wary creditors with a new business plan on Thursday.
Saban’s new sales terms, which will repay loans more quickly, have reassured Kirch Media’s banks and helped smooth over rocky relations between the billionaire producer and creditors since the investor won the takeover bid for Kirch’s ProSiebenSat1broadcasting group and film licensing business in March.
Kirch’s creditors rejected Saban’s earlier proposal, complaining publicly that he wanted to change the original terms of the deal, and warned him the deal could fall through. However, they now say things are back on track.
Saban is still looking for partners to join the $2 billion investment, which is expected to close in June.
Meanwhile, creditors may decide on the sale of Kirch sports channel DSF today. Saban and local retail giant KarstadtQuelle are vying for the web. While Saban has reportedly beat KarstadtQuelle’s offer by more than a million dollars with his $24 million bid, it may not be enough to win over the increasingly cautious creditors.