Germany's Kirch Pay-TV, parent company of Premiere, filed for bankruptcy
Wednesday.
Premiere CEO Georg Kofler said the company was forced to declare bankruptcy
after News Corp.'s British Sky Broadcasting Group plc and other shareholders
refused to provide more money to support the existing company structure,
Associated Press reported.
In other news, NTL Inc. filed a prearranged Chapter 11 bankruptcy plan in the
United States.
The filing follows a recent agreement the U.K.-based MSO reached with banks
and public bondholders for a recapitalization plan that will convert $10.6
billion in debt into equity in two reorganized companies -- NTL UK and Ireland
and NTL Euroco.
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