A group of national businessmen, including Marco Galeña, has made an offer to WOF to buy “JN” and “O Jogo”, José Paulo Favi revealed in Parliament. From what JE has found, there is another proposal on the table, from a group of businessmen, to increase capital by five million to stabilize the company's treasury, in exchange for a 51% stake.
A group of businessmen, including Marco Galeña, has submitted a proposal to the World Opportunities Fund (WOF) to buy “Jornal de Notícias” and “O Jogo”, for 12 million euros, Global Media CEO José Paulo Favi (pictured) revealed ), during his hearing in Parliament, last Tuesday evening. José Paulo Favi, who was nominated by the WOF Fund for the CEO of Global Media, considered that this proposal would not solve the problems of the group that is in serious financial difficulties and has outstanding salaries.
The €12 million proposal involves transferring tax debts of €6.9 million to the buyers (which are to be paid in installments under the settlement plan), so the global average net proceeds would be around five million euros. Furthermore, the group will lose JN, its only profitable newspaper, which has an EBITDA of around €1.5 million.
As Jornal Economico found, WOF received another offer, also from a group of national businessmen, to implement a capital increase of at least five million euros, to stabilize the company's treasury, in exchange for a 51% stake. Until the conclusion, it was not possible to determine whether the proposal had been submitted by the same business association of which Marco Galinha is a member, according to José Paulo Favi.
Businessman Marco Galinha was until July the main shareholder of Global Media, through the holding company Páginas Civilizados, controlling 52% of the capital. He then sold control of the latter to WOF, remaining a minority shareholder with 49%. Also heard in Parliament on Tuesday, Galenia said WOF had not fulfilled the commitments it made in the takeover contract and guaranteed that its legal team would put in place all necessary legal mechanisms to resolve the situation.
In turn, José Paulo Favi said, at the hearing, that the group's situation was due to mismanagement by previous administrations and promised regular December salaries at the beginning of next week. He explained that on Monday he received “a promise that by the beginning of next week, [de] A transfer that pays late salaries” and “the Fund promised to analyze the possibility of creating an exceptional aid package” for the group.
Workers at “Diário de Notícias”, “Jornal de Notícias”, TSF, “Dinheiro Vivo” and “O Jogo” yesterday completed a day of strike over unpaid wages, with union delegates indicating full support.
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