The clock is ticking for the corona-hit entertainment company Moment Group, which is looking for new financiers to avoid bankruptcy. A solution must be in place by Thursday lunchtime, reports GP.
On Monday, a new blow came for the entertainment company Moment Group when the government stopped public gatherings of more than eight people from November 24. At the same time, "troubadour exceptions" are being made that make it possible for various entertainment establishments to accommodate seated audiences of up to 300 people.
”"It was an absurdity that was corrected but has now been reintroduced. For us, it basically meant the end for Hamburger Börs and Wallmans salons in Stockholm as well," says Moment Group's acting CEO Otto Drakenberg to GP.
The company is now in the final stages of negotiations with bondholders, investors and shareholders and is also trying to negotiate with its landlords and seeking the grants announced by the government due to the pandemic.
Despite the precarious situation, Otto Drakenberg tries to look at things optimistically.
”"Of course, it's not just up to me, I have to get shareholders, lenders and financiers on board. But simple sports psychology says that it usually pays to believe in your goal. And when it comes to crises, the solution often comes at the last moment," he tells GP.
In a press release on November 13, Moment Group stated that the company has an acute liquidity shortage and will need to go into restructuring or bankruptcy on November 20, if a financing solution is not found before then.
