French Paper Owned by Billionaire's Son Goes Bankrupt

Jul. 25 2012 — 00:00

A Paris court has ordered the liquidation of France Soir, a 70-year-old newspaper owned by the son of Russian billionaire Sergei Pugachyov.

Pugachyov’s son, Alexander, purchased the French paper in 2009 in a bid to save it from looming bankruptcy at that time.

He invested some 75 million euros into the paper, but bankruptcy became inevitable this year because of its huge debts.

At least 49 people, including 42 journalists, have lost their jobs because of the bankruptcy.

The court ruled Monday that all the paper’s assets as well as its archives, trademarks and website domain will be sold in an auction, Kommersant reported.

The auction will be announced in the near future. The only offer to buy the assets has been made by Robert Lafont, CEO of the Lafont Presse, which specializes in low-cost media, Le Monde reported.

Russian Zoo Welcomes Nighttime Visitors
Illumination is provided for visitors to observe the animals at night in the Royev Ruchey zoo in a suburb of the Siberian city of Krasnoyarsk, ...
Islam Karimov Rumored Dead, Uzbekistan Ponders Future
Reports of the alleged death of the President of Uzbekistan, Islam Karimov, have been denied by officials in Tashkent, who say his condition ...
Islam Karimov Rumored Dead, Uzbekistan Ponders Future
Reports of the alleged death of the President of Uzbekistan, ...
Moscow Restaurants: News and Openings
Whether you're looking for pan-Asian bites near the Zil cultural center, a burger and beer fix in the ...