Creditors of Trust in News (TiN), owner of the Visão magazine and other titles, are scheduled to meet on Monday morning at the Sintra court.
In a document submitted to the Judicial Court of the Lisbon West District, directed to the judge, the president of the creditors’ meeting, and the insolvency administrator, the “proponents and petitioners, workers and privileged creditors of the insolvent company, consisting of a group of journalists who have been ensuring the publication of the Visão magazine, hereby present a proposal for authorization from the creditors’ assembly to initiate the sale process of the following asset included in the insolvent estate.”
The proposal aims to acquire national trademark no. 373402 — Visão, “currently part of the insolvent estate of Trust In News, Unipessoal Lda, including all rights inherent to registration with INPI, as well as titles Visão Júnior, Visão História, Visão Biografia, Visão Saúde, Visão Sete and their respective internet domains,” the document states.
The brand “is a strategic asset with high cultural and economic value, whose preservation under the ownership of its body of journalists is essential for the continuity of the editorial project and the maintenance of the publication’s identity,” the foundation of the proposal highlights.
“The acquisition of the mentioned brand by the Visão workers, who are also privileged creditors of the insolvent mass of Trust in News, aims to ensure the continuity of the editorial activity of that weekly publication, maintaining an average circulation of about 15,000 copies, safeguarding jobs, and ensuring the appreciation of this asset (and payment of the respective price) for the benefit of the insolvent estate,” the proposal continues.
A viability study “commissioned by the proponents indicates the Visão magazine, separated from the remaining assets comprising the insolvent estate, may have economic viability.”
The magazine’s workers “believe there is a clear advantage in the separate sale of this component of the insolvent estate, (…) which must necessarily be made to the group of journalists who, under the most challenging conditions, have continued to ensure its weekly publication, the only ones who can ensure the continuity of its editorial project,” it is further argued.
Despite unpaid salaries and the financial difficulties they have faced, “the petitioners, on their behalf and that of the Visão journalist group—who will establish themselves as a cooperative society or limited company if this proposal is accepted by the creditors’ assembly—are convinced that they are presenting a proposal they consider satisfactory and beneficial for the insolvent estate, given the current situation of the magazine and the insolvent company to which the title belongs.”
They suggest that if this separate sale proposal is accepted, it “will ensure immediate liquidity for the insolvent estate, avoiding the depreciation of the asset in auction or forced sale, while the rest of the insolvent’s business establishment can continue without including the title.”
According to the proposed conditions, the base value is 40,000 euros or a value to be defined after evaluation by an independent appraiser, and the sale method is preferably private negotiation or bidding among interested parties.
Payment will be executed with a “20% down payment at the signing and the remainder within a maximum of 30 days.”
They request that the proposal be submitted to the creditors’ assembly and, if approved, executed. Additionally, they seek authorization for the proponents to continue “producing the Visão magazine until the title is sold, under the supervision of the insolvency administrator, who will be responsible for providing the necessary means for this purpose, including allocation of resources from revenues obtained by the magazine, such as sales, subscriptions, or advertising, as this editorial continuity will, in any scenario, be favorable to all creditors.”
Founded in 2017, Trust in News owns 16 media outlets across print and digital platforms, including Exame, Caras, Courrier Internacional, Jornal de Letras, Activa, Telenovelas, TV Mais, among others.
