Moody’s: “Mediapro will run out of cash”
May 4, 2021
From David Del Valle in Madrid
Spain’s Mediapro will struggle for the cash to get through the next six months, according to US credit rating company Moody’s.
Moody’s says that Mediapro is lacking the cash for payments due over the next six months, reports OK Diario. Mediapro will have “a liquidity deficit of at least €225 million for the next six months”.
“The profile of the company’s liquidity is insufficient to meet its cash needs over the nect six months”, says the report, despite the fact that Mediapro had hired Rothschild & Co and Allen & Overy in March to seek financial alternatives to guarantee liquidity.
Mediapro acknowledged a debt of €904 million at the end of 2020. To mitigate it, the company has enlarged capital of around €50 million and requested a loan of €60 million. The company has asked the Spanish government for a €250 million rescue package but no decision has been made yet.
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