Galego audiovisual cluster congratulates the Filmax group for overcoming the creditors contest

The Galego Audiovisual Cluster (CLG) congratulates the Filmax Group to raise the creditors and ensure its continuity, after getting nine banks that represent 59% of the ordinary liabilities adhere to the agreement presented by the company and its subsidiaries.

In a few days the judge will issue a ruling by homologating the agreement, the bankruptcy administration will cease in its functions and Filmax will recover the full capacity to govern the company and continue its activity in the sector. The CLG values this milestone achieved by the group given its relevance in the Galician audiovisual sector, and since Filmax has established itself as the tractor company of audiovisual production, and in particular in the animation, in Galicia.

The company chaired by Julio Fernández, who entered into competition in July 2010, has agreed with the signatory financial institutions a “mobile remove” that will depend on the evolution of the group's business. After a decade, the remnant of the 120 million liabilities that will be pending.

The approved agreement will be the debt with yields of the bookstore and with 50% of the net benefits of the consolidated balance of the group, all estimated at a minimum of 4 million euros per year of which 850,000 euros are guaranteed a year.

Thus, a long and intense negotiation process with the creditor entities motivated on the one hand culminates, by the successive processes of mergers and integrations of the banking entities involved and by the complexity of the assessment of an asset, the bookstore, 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 new company approach, more focused on film and television production and international distribution.