Channel 10 moves ahead with recovery plan

Yossi Maiman, chairman of Israel 10, franchisee of the new commercial television channel, Channel 10, is well pleased with the fact that the Knesset plenum on Tuesday passed first and second readings of part of the communications chapter in the Economics Arrangements Law, supplementary legislation to the budget.

Among other things, the plenum approved one Channel 2 franchisees merging with Israel 10. The merger will be possible should it become clear that the other Channel 10 franchisee, Eden Broadcasting, doesn't intend to join broadcasts in June.

After the plenum readings Maiman said this is a turning point that will enable the channel to implement the planned recovery plan, and stand on its own feet before long.

Meanwhile, it was reported that given the new legislation, the channel¿s main creditor Bank Leumi will inject more money into the channel.

Israel 10 said it as the recovery plan gets underway, it has transferred first payments to artists, producers and other Channel 10 service providers.

Producers and artists on Tuesday began a public campaign designed to recoup an estimated debt of some $4 million that the channel has amassed. The producers are demanding an immediate payment arrangement, or making available securities entrusted with the Second Broadcasting Authority Council.

Maiman said that the minute that the magnitude of the problems faced by Channel 10 became clear to Israel 10, it was important for the franchisee to make sure it would meet its commitments. Maiman said he had already set up a team for negotiating with artists, producers and service providers, to whom the team committed to quickly commence making payments.