French business daily enters bankruptcy protection

5th January 2011, Comments 0 comments

The French business daily La Tribune said Wednesday it had been granted protection from its creditors for six months as its owners try to turn around the struggling newspaper.

The Paris business court granted the six-month bankruptcy protection which "will facilitate the reorganisation of La Tribune by allowing it to continue operating while temporarily freezing its debts," chief executive Valerie Decamp said in a statement.

She said the newspaper plans to keep implementing the development strategy it launched last year, which is bearing fruit.

The daily, which has been seeking new investors for months, is expecting a loss of up to nine million euros (12 million dollars) for last year.

Decamp acquired an 80 percent stake in the newspaper last year for a symbolic one euro.

© 2011 AFP

0 Comments To This Article