PrimaCom heads for insolvency

German cable operator PrimaCom stands on the brink of insolvency this week following the company’s failure to meet payments due of about €29.2m yesterday. Earlier, PrimaCom failed to meet a deadline to make new proposals to its creditors.

PrimaCom said its operating divisions would continue to serve customers as usual.

Last week, the company’s supervisory board appointed Sebastian Freitag, the managing director of investment bank Freitag & Co, as interim chief restructuring officer and a member of the board.