Kibar Khalvashi abandons plans to sell "Rustavi-2"

Kibar Khalvashi, an owner of the "Rustavi-2" TV Company, did not find anyone who wanted to buy the TV Channel and announced the decision to head the company to get it out of the financial crisis.

The "Caucasian Knot" has reported that on August 12, Kibar Khalvashi, the owner of the "Rustavi-2" TV Company, announced his intention to hold a tender and sell the TV Company. He explained his decision by the Company's debts of 70 million laris (almost 24 million US dollars) and the lack of financial ability to support it.

In his statement posted on the "Rustavi-2" TV Company's website on August 19, Kibar Khalvashi declared that he did not find anyone who would want to buy the TV Company. "The week for the sale of the 'Rustavi-2' Company has expired. There has not been a single real bidder during that period. At present, it is clear that the TV Company, which had every chance to succeed, is actually facing a financial catastrophe. [...] Now I have a choice: to start the bankruptcy process or try to save the 'Rustavi-2' Company. I decided not to bankrupt the TV Company, and I will use all my resources to support it," announced Kibar Khalvashi in his statement as translated from Georgian into Russian by the "Caucasian Knot" correspondent.

This article was originally published on the Russian page of 24/7 Internet agency ‘Caucasian Knot’ on August 20, 2019 at 12:42 pm MSK. To access the full text of the article, click here.