End of the line for Super 5 Media
4 Aug 2010
Pay-TV operator Super 5 Media on Tuesday, 3 August 2010, retrenched all of its remaining employees, more than 40 people in all, and is now facing the prospect of liquidation if it isn't able to pay one of its biggest creditors by the end of the week.
TechCentral, which last week broke the news of the problems at the company, has now learnt Super 5 Media is facing a claim of as much as R25 million from Rothschild, an international investment advisory company.
Rothschild will seek a liquidation order against Super 5 Media if the debt owed to it is not settled in full by Friday, two separate sources at the pay-TV operator have confirmed.
Continue reading the full story, as well as Telkom loses R400m in pay-TV fiasco, on www.TechCentral.co.za.
Source: TechCentral
Founded by Duncan McLeod, TechCentral is the leading quality news and information resource for people involved in South Africa’s fast-growing information and communications technology industry and those interested in the fast-changing world of information technology. It provides quality news, reviews and comment relevant to its quickly expanding audience. Follow TechCentral on Twitter at TechCentral, become a Facebook fan and subscribe to the daily newsletter.
Go to: http://www.techcentral.co.za
About Duncan McLeod: @mcleodd
Award-wining Duncan McLeod is the founder and editor of TechCentral (wwwTechCentral.co.za, @TechCentral]]), South Africa's latest technology news site offering breaking news, in-depth analysis and opinion that launched in September 2009. Before that, he was associate editor at the Financial Mail/FM. Contact Duncan on email duncan at techcentral dot co dot za and follow him on Twitter at @mcleodd.
