Clear Leisure expects answer on Mediapolis by end of April

Clear Leisure, the AIM-listed investment company currently involved in court proceedings relating to its proposal for the restructuring of its troubled Mediapolis business, said it has presented all the relevant documentation and financial warranties to the Ivrea court on schedule. The group said it was confident the company's case was "received positively" and it expects to be able to issue an update towards the end of April.The court is expected to take one of three actions; reject the plan, bringing Mediapolis into a liquidation process, rule that further changes to the plan need to be made, or accept the plan and approve Clear Leisure's predicted figures for the current state of the business. In mid-January of this year, Alfredo Villa, Chief Executive of Clear Leisure, explained: "The board of Mediapolis has decided that the debt restructuring is the best way to protect the value of the investment in the Mediapolis project against claims from creditors. "It is expected that this will accelerate the obtaining of the requisite planning permissions for this project and avoid the risk that creditors might oppose a sale of the project. The restructuring reduces the debt owed by Mediapolis thus potentially increasing the value of the investment held by the company. "Whilst there is a small risk that the restructuring might be rejected by the court thus potentially leading to a liquidation of Mediapolis, the board of Mediapolis deemed that the potential benefits far outweigh any such risk."The shares had fallen 7.42% to 2.15p by 08:04 on Monday. NR