The audiovisual facilities company Alfacam recently applied for liquidation after failing to find a takeover contender and the banks Belfius, BNP Paribas Fortis, KBC and ING refused to run further financial risks with loans for the business. The government’s financial vehicle Gigarant safeguarded a 16.4 million euro loan extended by the four banks. If Alfacam will be liquidated, Gigarant stands to lose an estimated 8 million euros, Flemish minister-president Kris Peeters CD&V announced in the Flemish Parliament when Bart Tommelein Open VLD, Bart Van Malderen SP.A and Jurgen Verstrepen raised questions about the matter. Peeters stated that “new demands were made following talks with the possible takeover candidate Hinduja in Davos. As a result Alfacam could be liquidated in the next few days”.
According to Peeters, all remaining options should be considered. “a new start, a different formula… a curator will see what can be saved.” He further announced that he will see to it that as little as possible of the 16.4 million guarantee Gigarant extended to Alfacam will be lost. According to him only 8 million euros of the guarantee will be used as a part of it will be recouped by the sale of assets. He further insisted that it will not affect taxpayers’ money as Gigarant owns 300 million of own funds.
Alfacam, which gained a reputation as the television services company during the Olympic Games and Soccer World Cup, leaves behind a debt of 60 million euros. Its staff of 120 can now only hope the curator finds a suitable takeover candidate who will be willing to buy them into the deal.
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