MARCH 13, 2002
Springer considers insolvency suit against Kirch
Springer is unhappy with Kirch as the company is refusing to honor a "put" option which forces it to buy a stake in the TV station ProSiebenSAT1 for $750m by the end of April. Springer exercised the option in January but Kirch is arguing that the option is not legally binding because of procedural problems.
Bansk which are working together to try to save Kirch are worried that Springer will spark the collapse of Kirch. They would prefer to see a sale of Kirch's assets (including F1).