The Georgian court suspended the bankruptcy proceedings against the Rustavi 2 TV company after an appeal, which agrees on the suspension of payment of company’s debts to the state budget, was approved by the Georgian Finance Ministry’s Tax Department.

Bankruptcy proceedings against the Rustavi 2 television company were opened on June 11, following an appeal by Erosi Kitsmarishvili, the owner of the company.

The Rustavi 2 company says it has only 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), which includes a debt to the state budget of 4.6 million Lari.

President Saakashvili pledged his support for the Rustavi 2 broadcasting company on June 17 by saying that “we will not run any TV company bankrupt regardless of the amount they owe [to the state].”

Following this statement, the Tax Department agreed to reschedule the company’s debts in exchange for the suspention of the impending bankruptcy proceedings.

Founder and owner of the Rustavi 2 television station Erosi Kitsmarishvili, who also chairs the Georgian Chamber of Commerce and Industry, is considered a close ally of President Saakashvili.