Swedish streaming company Viaplay has avoided bankruptcy after its shareholders approved a restructuring plan.
The shareholders have given the green light for the company to raise 4 billion Swedish crowns ($380 million) in new equity, write down 2 billion crowns in debt and renegotiate the terms of debt totalling 14.6 billion crowns.
Viaplay spent much of 2023 dealing with the possibility of bankruptcy after reporting $23 million in operating losses during the second quarter of 2023.
A new CEO was appointed, and the company pulled out of the UK, United States and Canada as part of a major downsizing and made more than 25 per cent of its staff redundant.
