BRUSSELS, Dec 11 (Reuters) - Belgium-based television
services company Alfacam said on Tuesday it had
secured a financial lifeline from family-owned Indian
conglomerate Hinduja Group in an initial deal that could also
strengthen its position in Asian markets.
Alfacam, to which a court granted creditor protection in
October, said it had a preliminary deal for a 24 million euro
($31 million) credit facility and 6 million euro equity
injection from Hinduja.
Alfacam, with broadcast services, TV studios and the
Europe's largest fleet of outside broadcast vans, said its
memorandum of understanding was valid until the end of January
2013. Banks had agreed to suspend repayments until then.
The company said that Hinduja Group could offer Alfacam
support to deepen its business in India, the Middle East and
Alfacam breached its financial covenants in March and said
it was looking to raise fresh capital after expansion into
countries such as Brazil and India cost more than it had
Alfacam shares listed on Euronext Brussels in May 2007 at 18
euros. They last traded at 0.77 euros.
($1 = 0.7736 euros)
(Reporting By Philip Blenkinsop; editing by Rex Merrifield)