Zinkia, creator of Pocoyó, enters bankruptcy proceedings

The production company has filed a request for voluntary bankruptcy proceedings after failing to reach a satisfactory agreement with a private entity in relation to a loan of 2.5 million euros.

The production company Zinkia, creator of audiovisual products with international projection such as Pocoyó, has filed a request for voluntary bankruptcy proceedings after failing to reach a satisfactory agreement with a private entity in relation to a loan of 2.5 million euros.

According to Zinkia, the company "has managed to agree on refinancing with its most important bondholders, financial institutions and commercial creditors but has finally not been able to reach an agreement with a private entity, holder of a loan made to the company in the amount of 2.5 million euros."

The company chaired by José María Castillejo, with a debt close to 11 million euros, has decided to present the request for voluntary bankruptcy proceedings "in an exercise of responsibility and with the sole objective of protecting the company's assets."

Zinkia maintains in a communication to the CMNV that its business is “growing and with sufficient expectations to trust in the viability of the company. The commercial activity and business of the company are in a phase of development and growth that allows it to face the open bankruptcy process with great hopes of success.”

Zinkia recently revised its revenue forecast for 2013 downward by 41%, to 13.29 million, a figure far from the initial estimate of 22.3 million. So far this year, the production company's shares have fallen 33% on the stock market.