The launch of TopTV’s porn channels is being delayed by the business rescue process the satellite pay-TV operator is currently undergoing, according to a report in the Sunday Times.
Parent company On Digital Media’s second attempt to get authorisation for the channels was approved in April 2013 by the Independent Communications Authority of South Africa (ICASA).
An offer from Chinese broadcaster StarTimes to acquire a portion of TopTV and service the pay-TV contender’s debt was approved in March, yet according to the Sunday Times, TopTV has yet to implement the new plan.
The paper quotes Peter van den Steen, On Digital Media’s business rescue practitioner, as saying in an update to creditors last week that enacting the rescue plan was not straight-forward, making it was taking longer than anticipated.
“A consulting agreement between [On Digital Media] and StarTimes has been prepared and is almost ready for signature,” the Sunday Times quoted him as saying.
“A funding agreement has also been prepared that will allow StarTimes to provide ongoing working capital funding to On Digital Media. This will be signed once all the other agreements have been signed, in order to minimise the risk to StarTimes.”
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