Matomy's Recovery Plan Rejected

Bondholders of Israeli firm Matomy Media Group have voted to reject its proposals for resolving its financial problems, and put forward counter proposals which they say the company must accept by Thursday.

The firm has been struggling to meet its financial commitments, and in the autumn sold off its MobFox mobile supply side platform and exchange in an effort to improve its balance sheet and focus its activities. However its 'Proposed Plan' for financial recovery did not meet with its backers' approval and was duly amended with the requirement for 'an additional sum of $3.5m to be injected to the Company' either by the issuing of Series A debentures to the key shareholders; or a reduction in the cash amount to be paid to Rainmaker Investments GmbH, the minority shareholders in Matomy's Team Internet division - leading to a partial repayment to the bondholders.

If the proposals are not accepted, the bondholders may demand immediate repayment of their loans. Matomy's management says it 'continues to believe that its proposed plan is in the best interest of all stakeholders, in particular the bondholders and includes a substantial cash infusion by key shareholders' - and negotiations continue.

Founded in 2007 with headquarters in Tel-Aviv, and listed on the London and Tel Aviv Stock Exchanges, the firm is online at www.matomy.com . President and CEO Laim Galin is pictured.

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.