The president of Hurry, Joseph Oughourlian, has shielded in the capital by his creditor, Pimco. The firm has demanded that there are no changes in the control of the company, and that Oughourlian therefore maintains the command, to refinance the debt of 800 million euros that the group maintains.
The expiration of the liability is next year and the intention of a hurry is to achieve a postponement of three years, until 2029. After the decision of Oughourlian, to paralyze the launch of a television network and fire the critical managers – the CEO Carlos Núñez and the content director, José Miguel Contreras – the battle now opens up to the shareholders’ board that will be held, predictably, the next month of June Critical shareholders can achieve their goal and separate him in a hurry. The Government, in any case, has decided to sign and try to bring together a group of shareholders with 51% of the capital to force the dismissal of the French investor, currently owner of 29.8% of the shares. Moncloa has, for the moment, with a group of Spanish shareholders with a joint participation of around 17%.
In this group, which is led by José Miguel Contreras, are Global Alconaba, a firm headed by Andrés Varela, one of the founders of Globomedia, with 7% of the capital; Adolfo Utor, owner of Balearia, who has another 5.4%, and Diego Prieto, founder and president of the SSG group, a company dedicated to health transport, with another 3.1%. The key is now in what Vivendi can do, which has 11.79%; the Polanco family, with 7.6%; Carlos Slim, with 7% and Santander, with another 4%. Oughourlian is guaranteed, for the moment, the support of Vivendi, but the government is pressing the French conglomerate to change the side.
Search for support
Waiting for what may happen easier, it seems for the Executive to achieve the support of the Polanco family, which participates in capital through rucandio. Beyond, in any case, that they can obtain 51% and throw Oughourlian from the presidency, Spanish shareholders are studying roads to force their departure from capital. In this sense, they have offered to buy the media, among which are the country and the SER chain, for 450 million euros. Another way would be to find someone willing to buy their participation, but the president is not willing to assume the strong disabilities that the sale could currently suppose after having invested 300 million. And is that, At current prices, the Oughourlian shareholding package is valued at 100 million euros, for which it would have 200 million disqualities. One of the possibilities that is considered in the government is that it could even enter Telefónica, which sold its 7% participation to entry to Global Alconaba.
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