FEBRUARY 25, 2002
Kirch takes on "crisis consultants"
THE Kirch Group has appointed three insolvency experts to help it through its current crisis. The company, which controls the commercial rights to F1 racing, agreed to accept the consultants to try to keep the banks, to which it owes billions of dollars, happy. A number of the banks are also due to appoint someone to represent them in their negotiations with Kirch.
Kirch is looking at how to restructure the company and it is expected that shareholders Rupert Murdoch and Saudi investor Prince Al Waleed will be meeting to try to come up with up a solution to Kirch's problems. This is expected to mean Kirch asking for more money.