Viaplay shares fall 18% after company seeks recapitalisation, postpones results

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OSLO :Shares in Swedish streaming company Viaplay fell 18 per cent on Tuesday after the company said it is in talks with three major shareholders as well as lenders and bondholders on a recapitalisation, and is in discussions to sell non-core operations.

Viaplay said late on Monday that due to the talks, it would postpone its third-quarter earnings report to no later than Nov. 29, rather than the original plan of reporting on Tuesday.

The company's shares hit an all-time low of 22.72 Swedish crowns on Tuesday, down 88 per cent year-to-date. "They seem to need more time before announcing a final plan regarding how to recapitalise the firm," Kepler Cheuvreux analyst Kristoffer Carleskar said.New CEO Jorgen Madsen Lindemann in July announced layoffs and said the company would focus on its core Nordic, Dutch and Viaplay Select operations, while downsizing, partnering, or leaving other markets.

 

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