Deep crisis for Media Maker, over 16 million in losses compared to 46.5 million in revenues
Deep crisis for Media Maker (MM), founded in 2017 by Marco Verna and listed on Euronext Groeth Paris, specializing in the production of audiovisual content for brands. A few days ago, in fact, the second section of the civil court of Milan presided over by Caterina Macchi admitted the company to the preventive agreement giving her until July 29 to present the relevant plan and has nominated Silvia De Furia as commissioner. The judge then accepted the appeal presented on behalf of the company by the lawyer Andrea Vicari, full professor of commercial law in the Faculty of Law of the University of Milan.
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It explains that MM, now controlled by Patricia Micucci with 68.35%, followed by Pietro Danger (9.6%) and Simone Prete (5.9%) entered a crisis when in April last year Vernathen general manager, was arrested (with others) and sent to trial for alleged VAT fraud on advertising space. This had negative repercussions on the company and “immediately afterwards – explains the appeal – the company registered the problem of some credit items and the failure to sign strategic contracts, while also having to deal with some requests for the immediate repayment of debt positions”. MM has approached Deloitte and the Legance law firm to assess the situation, but this has triggered a tension between the board of directors and the board of statutory auditors which last February led the court of Milan to revoke the board of directors, appointing Salvatore Buscemi as judicial administrator.
In the latest budget (2021) approved a few days ago against revenues of 46.5 million euros have registered losses of 16.1 million. Hence the request for the procedure while Buscemi looked for a possible “white knight” identified in Marcello Piras (owner of Holding 1121 specialized in media bartering). Then came a proposal for the lease of a business branch of the TV productions from Two Leaders of Milan and expressions of interest by Augustus Color e Ubilot. The approval of the 2022 budget will take place at the assembly convened for 20-21 July next.
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