Premiere loses big and restructures

German pay-TV broadcaster Premiere’s shares fell 60 per cent as it announced losses, a subscriber number re-statement and revealed it is trying to restructure bank debt.

"As a result of the EBITDA outlook, Premiere has commenced discussions with its banks regarding a restructuring of debt facilities and is confident to reach an agreement," it said.

The company said it was satisfied with the way the talks were proceeding and did not plan a capital increase. "We are conducting a thorough review of operations and are confident that this will result in a new strategic direction supported by a financially sound business plan for the future growth and profitability of Premiere," said CEO Mark Williams.