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SBD Global/April 23, 2013/Finance

Judge Tells Spanish Football Club It Must Reach Agreement With Its Creditors

A judge has advised La Liga side Deportivo La Coruña about the threat of liquidation if an agreement regarding €9M ($11.74M) -- plus IVA tax -- in broadcast rights is not reached with its creditors, according to EL CONFIDENCIAL. Deportivo only has €1.5M ($1.96M) available, making an agreement on the club's TV revenue "indispensable" if Deportivo wants to continue its activity. The club's three creditors are Spain's Tributary Agency, Novagalicia Bank and Gallego Bank (EL CONFIDENCIAL, 4/22).
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