Kentaro’s Swedish division appeals against bankruptcy

Kentaro AB has appealed a decision by the Stockholm District Court in Sweden to place the Swedish division of the Kentaro agency into bankruptcy, according to the Aftonbladet news website.

Kentaro AB submitted the appeal on Tuesday, just hours before the deadline for an appeal against the court’s decision, which was taken in July.

The report said that Kentaro AB has claimed that an €8m ($10.7m) interest-free loan from sister company, UK-based Kentaro Ltd., would settle outstanding tax liabilities. The report added that the company said that the debt was due to a temporary liquidity problem.

Kentaro AB added that a quarterly sports-rights fee instalment of €7.4m from Swedish commercial and pay-television broadcaster TV4 is due to be paid on September 20.