Reuters Files Insolvency Injunction Against Romanian Media Firms Realitatea Media, NewsIn

The two claims request that insolvency proceedings be initiated against Realitatea Media SA and SC NewsIn Media SRL, both part of the Realitatea-Catavencu group owned by businessman Sorin Ovidiu Vantu.

The court has scheduled hearings in both cases for June 3.

Realitatea Media SA operates TV stations Realitatea TV, The Money Channel, ActionStar, CineStar and ComedyStar, and radio stations Realitatea FM, Radio Guerrilla and Radio Alpha. NewsIn Media SRL owns news agency NewsIn.

Realitatea Media SA lost around 76.3 million lei (EUR1=RON4.1007) in 2008, with a RON100.3 million turnover, according to 2008 the financial statements published by the Finance Ministry. The company's losses grew compared to 2007, when it lost RON27.1 million.

SC NewsIn Media SRL's losses totaled RON2,881,604 in 2008, with a RON6,636,493 turnover, according to the financial statement.

Reuters Romania officials could not be reached for comment. On the other hand, Realitatea-Catavencu operational manager Mihnea Vasiliu told MEDIAFAX he is unaware of Reuters' legal action.

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