The launch of today's recapitalisation package brings us closer to the conclusion of what has been a very difficult period for the company and its stakeholders, said Viaplay Group interim chairman, Simon Duffy
By Jenny Priestley
Published: December 1, 2023 Updated: December 4, 2023
The launch of today's recapitalisation package brings us closer to the conclusion of what has been a very difficult period for the company and its stakeholders, said Viaplay Group interim chairman, Simon Duffy
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Swedish streaming company Viaplay has revealed the details of its rescue plan that will raise new equity and restructure its debt.
The plan will wipe out most of the value of the company's existing shareholders, said Viaplay.
In a statement, the company said it aims 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.
In addition to the recapitalisation, Viaplay said it has implemented a range of what it calls self-help measures , including a new strategic partnership with Formula One in the Netherlands, agreements to sell or sublicense its content and content rights to third-party platforms, sell its UK operations (subject to regulatory approval), and exit the Baltic and Polish markets by the summer of 2025.
The company has also laid off more than 30 per cent of its workforce.
These initiatives will improve Viaplay's cash flows and limit the free cash outflow in its non-core international exit markets to approximately 2.2 billion crowns between 2024 and 2028, said the company.
The launch of today's recapitalisation package brings us closer to the conclusion of what has been a very difficult period for the company and its stakeholders, said Viaplay Group interim chairman, Simon Duffy.
It is unfortunately a recognition that too many of the past investments made by the Group have not materialised as planned, as several of the business cases on which they were based proved to be optimistic. This extensive package and operational measures are absolutely necessary to secure the survival of the company, and this marks a new beginning for Viaplay Group and a path for us to reinforce our position as the leading Nordic entertainment provider.
The plan has been backed by Viaplay's key shareholders including Canal+ and PPF, while funds managed by Nordea Asset Management planned to take part in the share issue and keep their joint stake of 7.7 per cent, Viaplay said.
Viaplay pulls out of UK, US; considers sale
Viaplay Group CEO resigns after company announces $23 million in operating losses
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The launch of today's recapitalisation package brings us closer to the conclusion of what has been a very difficult period for the company and its stakeholders, said Viaplay Group interim chairman, Simon Duffy
