Silverbird Group, a multinational real estate, media and entertainment firm in Nigeria has been shut over unpaid debt.
The group allegedly owes $38 million dollars.
Vanguard Nigeria reports:
“Nigerian media, entertainment and real estate firm the Silverbird Group has been shut, its founder and owner confirmed on Thursday, amid reports it defaulted on $38 million in debts. Silverbird Television and its sister radio station Rhythm 93.7 FM have been off air since early Thursday while its cinema galleries and shopping malls it operated in Lagos and Abuja were also closed. The action was reportedly taken by the state-run Assets Management Corporation of Nigeria (AMCON), which deals in the recovery of bad debts. AMCON were not immediately available for comment when contacted by AFP but the Premium Times news website said possession of the group’s properties were taken following a court order. Group companies defaulted on repayment of debts of 11 billion naira ($38 million, 34 million euros), the publication added.”