OCTOBER 31, 2001
EM.TV-Kirch deal questioned by bondholders
Bondholders of EM.TV are concerned about the plan for the company to swap its remaining stake in Formula One holding company SLEC for Kirch's share in Junior TV.
The move is likely to delay the switch of the remaining shareholding (about 16.7% of SLEC) from EM.TV to Kirch but has no effect on the overall picture as Kirch remains the majority shareholder in SLEC and the company will continue to be run by Bernie Ecclestone under a shareholders' agreement which runs until the end of 2005.