The Galician Audiovisual Cluster congratulates the Filmax group for passing the bankruptcy proceedings

The Galician Audiovisual Cluster (CLAG) congratulates the Filmax Group for managing to lift the bankruptcy proceedings and ensuring its continuity, after getting nine banks that represent 59% of the ordinary liabilities to adhere to the agreement presented by the company and its subsidiaries.

In a few days the judge will issue a ruling approving the agreement, the bankruptcy administration will cease its functions and Filmax will regain full capacity to govern the company and continue its activity in the sector. CLAG values ​​this milestone achieved by the group very positively given its relevance in the Galician audiovisual sector, and since Filmax has established itself as the driving company for audiovisual production, and in particular animation, in Galicia.

The company chaired by Julio Fernández, which entered into bankruptcy in July 2010, has agreed with the signatory financial entities on a “mobile haircut” that will depend on the evolution of the group's business. After a decade, the remainder of the 120 million outstanding liabilities will be settled.

The approved agreement will settle the debt with returns from the bookstore and with 50% of the net profits of the group's consolidated balance sheet, all estimated at a minimum of 4 million euros per year, of which 850,000 euros per year are guaranteed.

This culminates a long and intense negotiation process with the creditor entities motivated, on the one hand, by the successive processes of mergers and integrations of the banking entities involved and by the complexity of the valuation of an asset, the bookstore, which is unusual in the banking sector.

On the other hand, Filmax has taken advantage of these almost two years of bankruptcy situation to resize its structure to the company's new focus, more focused on film and television production and international distribution.