Mediapro has sold off €180 million of its debt, which could lead to a takeover of the company.
Invesco, Gala Capital and Searchlight have purchased part of Mediapro’s debt at a significant discount, according to El Confidencial. This could lead them to launch a takeover bid suggests the report.
Mediapro recently sought a bailout from the Spanish government after stating it was unable to meet the payments on a €920 million loan it originally secured in 2018.
The investment from the new companies means Mediapro will not have to default on a repayment on the loan, which is due to take place this month.
Mediapro saw its income drop by 38 per cent in 2020, amid recorded losses of €215 million.
In May, ratings agency Moody’s warned Mediapro’s “liquidity profile is insufficient to meet their cash requirements.”
