Károly Gerendai Purchases Sziget From Est In Hungary
- 19 Jul 2012 12:35 PM
After Est Media failed to find a financial investor, the majority shareholders of Sziget led by founder and CEO Károly Gerendai will purchase 49% of Est Media’s 51% stake in the festival organising company. The purchase price is Ft 675 million, exactly the sum that Est Media owes to creditors UniCredit bank and Wallis. The stake in Sziget was the collateral offered on these loans.
Majority shareholders will take a loan to pay Est Media by August 1. Est Media has a two year option for repurchasing its stake and will retain 2% voting rights in the company but no property rights.
Source: Hungary Around the Clock
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