Trust in News (TIN), owner of the magazines Visão, Caras, Exame and Activa, among other publications, has submitted a Special Plan for Revival (PER) to the Commercial Court of Sintra and is now awaiting a decision. In a statement released on Wednesday, Luis Delgado’s group said that “this management instrument was requested after a thorough analysis” of the company’s financial position, “with the aim of guaranteeing the sustainability and stability in the short and long term” of the company. same. The goals of the plan, according to management, are negotiations with creditors, job preservation and business continuity.
“We are facing significant financial challenges, we believe that we are economically viable – this is the only way to join PER – and this gives us the opportunity to maintain and accelerate internal restructuring, reorganize our finances and overcome difficulties,” he adds.
Since the end of last year, the Taxpayer Identification Number (TIN) has revealed difficulties with paying wages. In April, the group eliminated most of the salaries, prioritizing the lowest ones, and gradually regularized the rest. On May 17, management assured workers via email that it was taking “necessary steps to stabilize the treasury.”
TIN was created in 2018 when Luis Delgado acquired 12 magazines from Impresa Publishing for 10.2 million euros. According to the Media Transparency Portal, the company had liabilities of 27.2 million in 2022, with the main creditors being Revenue and Customs (42%), Impresa (15%) and Novo Banco (13%). According to Pagina Um, the debt to the state could exceed 11.4 million euros.
Contact by CMLuis Delgado referred to the TIN statement.
Author: Sonia Diaz
Source: CM Jornal
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