The extraordinary general meeting of Portuguese television channel Conta Lá was suspended on Thursday (August 6) and will resume on August 12, giving Paulo Rego time to assemble a group of investors capable of supporting the company’s recovery plan and helping settle its outstanding debt, a shareholder told the Portuguese news agency, Lusa.
The meeting lasted about three hours. Shareholders approved the first item on the agenda, which concerned a capital increase through a share premium and supplementary capital contributions. Discussion was then suspended while considering the second item, the company’s restructuring plan.
According to the same source, Paulo Rego, director-general of Plataforma Macau and former deputy editor-in-chief of Lusa, presented a recovery plan and expressed interest in joining the project.
The company’s main challenge remains its liabilities, estimated at around €4 million. Creditors include Ibertelco, which distributes Conta Lá’s broadcast signal to television operators, as well as Portugal’s Tax Authority and Social Security system. According to the shareholder, Ibertelco has informed the company that the debt must be settled by the end of the month.
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Contacted by Lusa, Paulo Rego declined to comment until after the general meeting concludes. The meeting was attended by major shareholders, minority shareholders – including employees – and other investors. Luís Mira, from the Portuguese Farmers’ Confederation (CAP), was also present, as the organization is a shareholder in the Ruralmedia holding company.
During the meeting, Paulo Rego said that “Plataforma Macau has many international partners”, and revealed that exploratory discussions with Conta Lá had already taken place. He described the project as “interesting” and said the immediate priority is to stabilize the company’s financial situation.
According to the same source, Paulo Rego said he is willing to contribute to the repayment of the debt, provided that additional investors can be brought in to support the recovery plan. The general meeting was therefore adjourned for one week to allow time to secure further financing.
Several scenarios are still being considered to ensure the company’s viability, including a collective redundancy plan that would reduce the workforce from around 100 employees to about 50, or the implementation of a partial layoff scheme under which some employees would continue working full time.
