The financial restructuring of Spain's Lolafilms has concluded with majority backer Admira and Lola CEO Andres Vicente Gomez both subscribing to the Euros 18m capital amplification for the company.
Gomez lifts his interest in Lola from 13% to 30% after buying out minority shareholders, while Admira - the media unit of telecoms conglomerate Telefonica - remains 70% owner through its newly created Telefonica Contenidos (Contents) division.
The pact reinstates Gomez, who founded Lola in 1981, as CEO. It also opens the way for potential new shareholders to buy into the firm, for which 'contacts have been initiated' according to a statement released late Friday (June 21) by Lola.
The scheme was approved by shareholders in March to balance Lola's estimated Euros 11m in losses and finance ongoing production and distribution activities.