Matomy Media series A bondholders reject contingent demand proposal

By Caroline Salls

Pittsburgh, Oct. 4 – Matomy Media Group Ltd.’s series A bondholders rejected a proposal under which they were being asked to approve a contingent demand for an immediate repayment of the bonds if the company will not sign a binding share purchase agreement to sell its 90% share in Team Internet AG for a consideration that will allow repayment of the bonds in full by Nov. 6, according to a news release.

The company said holders of 78.8% of the bonds were represented at the meeting held Oct. 2. Of those bondholders, 52.88% voted to reject the repayment demand resolution and 47.12% voted in favor.

As previously reported, Matomy said its officers have been working in the past few months to sell the Team Internet Holdings to enable the company to fully repay its debt to its bondholders.

The company said it believes a unilateral decision to demand an immediate repayment of the bonds may significantly hurt its chances to complete a sale, and in particular the chances of receiving a consideration that would allow full repayment of the bonds.

Matomy Media Group is a Tel Aviv-based global media company.

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