On Digital Media (ODM) announced at a media briefing on Thursday, 31 October 2013, that it will relaunch its pay TV satellite offering as \u201cStarSat\u201d – effectively killing of TopTV.<\/p>\n
Previously called TopTV, subscribers reported that the broadcaster has been\u00a0testing the new StarSat branding<\/a>\u00a0for weeks.<\/p>\n 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.<\/p>\n \u201cThis 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,\u201d ODM said in a press statement issued at the launch.<\/p>\n StarSat will introduce a range of new packages, channels, and pricing structures which will be available to subscribers from 1 December 2013, ODM promised.<\/p>\n ODM is currently\u00a0embroiled\u00a0in a legal dispute with its shareholders, with\u00a0minority investors having\u00a0launched an application in the South Gauteng High Court with the aim of preventing business rescue plan deal with Chinese firm\u00a0StarTimes<\/a>,\u00a0from going through.<\/p>\n ODM voluntarily commenced a business rescue plan on 29 October 2012, after the group announced it was financially distressed.<\/p>\n At the end of April, ODM said that it would proceed with a rescue plan which would see\u00a0StarTimes acquiring a 20% stake in TopTV, and provide \u201csufficient additional capital\u201d to pay off the company\u2019s creditors to ensure solvency.<\/p>\n According to legal documents, the applicants seek to \u201chave the business rescue practitioner lawfully implement the BR Plan, and desist from unlawfully doing so\u201d.<\/p>\n The applicants are concerned that, in the event that the BR Plan fails, ODM will be \u201cirreparably damaged\u201d.<\/p>\n 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.<\/p>\n Shareholders take TopTV to court<\/strong><\/a><\/p>\n TopTV rescue deal drags on<\/strong><\/a><\/p>\n TopTV to proceed with StarTimes bid<\/strong><\/a><\/p>\nMore on TopTV and StarTimes<\/h3>\n