Swiss sports marketer ISMM yesterday won a stay of bankruptcy [WAMN: 6 & 18-Apr-01] after confirmation that global media giant Vivendi is poised to acquire the cash-strapped company.
Paris-headquartered Vivendi, whose media interests include Canal Plus, will need to move fast. The Cantonal court in Zug, Switzerland, granted ISMM a stay of only one month rather than the three months requested.
Vivendi would acquire a stable that includes ISL Worldwide, the holder of global marketing rights for the 2002 and 2006 soccer World Cup events, and the media mammoth is known to be eager to exploit these hot properties.
News source: Financial Times