Viaplay shareholders approve rescue plan (updated)
10/01/2024 10:17
(Adds background, details on plan from paragraph 2)
Jan 10 (Reuters) - Shareholders in Viaplay VPLAYb.ST
approved on Wednesday a rescue plan that will sharply dilute the
holdings of existing owners, designed to save the struggling
Swedish streaming group from collapse.
Under pressure to stabilise its business as rising living
costs dent consumer demand, Viaplay in December said it would
raise new equity and restructure its debt, after repeatedly
warning of a weakening business environment.
The company's recapitalisation plan involved an issue of
4 billion new shares at a price of 1 Swedish crown each, a 96%
discount to the closing price on Nov. 30 before the plan was
announced.
Shares in the group have plunged about 98% in one year.
(Reporting by Greta Rosen Fondahn; editing by Louise Rasmussen)
((Greta.RosenFondahn@thomsonreuters.com))