Rustavi 2 TV Goes Bankrupt
Civil Georgia, Tbilisi / 12 Jun.'04 / 15:08

On June 11, the Tbilisi courts opened bankruptcy proceedings against the independent Rustavi 2 broadcasting company.

Co-founder and one of the owners of the television station, Erosi Kitsmarishvili, who is director of Rustavi 2 TV and also chairs the Georgian Chamber of Commerce and Industry, appealed the court on June 8 with a request to open bankruptcy proceedings.
 
The Rustavi 2 company says it only has 3.8 million Lari (approximately USD 1.9 million) and is unable to pay its current debt of 9.2 million Lari (approximately USD 4.8 million), including the debt to the state budget of 4.6 million Lari.
 
According to the court’s ruling, the sitting of the Rustavi 2’s creditors is convened for June 28. 

According to the Law of Georgia in Bankruptcy Proceedings, in the case of non-agreement with creditors over repayment of debt, the company will be declared bankrupt and its property will be sold.

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