On Digital Media (ODM) announced at a media briefing on Thursday, 31 October 2013, that it will relaunch its pay TV satellite offering as “StarSat” – effectively killing of TopTV.
Previously called TopTV, subscribers reported that the broadcaster has been testing the new StarSat branding for weeks.
ODM said that it is in the process of concluding the implementation of its business rescue plan. According to ODM, the plan was voted on and adopted by its creditors and shareholders on 30 April 2013.
“This is a legally binding process that allows for the company to continue to operate in the normal cause of business and to be restructured within the protective bubble of business rescue as per Chapter 6 of the Companies Act,” ODM said in a press statement issued at the launch.
StarSat will introduce a range of new packages, channels, and pricing structures which will be available to subscribers from 1 December 2013, ODM promised.
ODM is currently embroiled in a legal dispute with its shareholders, with minority investors having launched an application in the South Gauteng High Court with the aim of preventing business rescue plan deal with Chinese firm StarTimes, from going through.
ODM voluntarily commenced a business rescue plan on 29 October 2012, after the group announced it was financially distressed.
At the end of April, ODM said that it would proceed with a rescue plan which would see StarTimes acquiring a 20% stake in TopTV, and provide “sufficient additional capital” to pay off the company’s creditors to ensure solvency.
According to legal documents, the applicants seek to “have the business rescue practitioner lawfully implement the BR Plan, and desist from unlawfully doing so”.
The applicants are concerned that, in the event that the BR Plan fails, ODM will be “irreparably damaged”.
They believe that ODM is currently in a vulnerable position, and want to ensure that the BR Plan is effectively and expeditiously implemented in order to protect the interests of ODM and their own interests.