No more ABN Amro credit for VNU Media

ABN Amro bank does not have to extend any additional credit to magazine company VNU Media, a court in Amsterdam ruled on Monday.

VNU Media, which owns magazines Intermediair and Computable, went to court following ABN Amro’s refusal to sign over almost €2m worth of payments. The bank claimed VNU Media was not meeting its obligations.
VNU Media is currently talking to its British private equity owner 3i about a refinancing package, the Telegraaf reports.
But VNU Media has denied reports that it is unable to meet its current commitments. ‘June’s salaries have already been paid,’ a spokesman told Nos tv. The publishing group has a workforce of 400.

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