Aferian fighting for survival

They are giving Aferian time to try to find a buyer for the group's Amino and 24i businesses and possibly a sale of the whole company.

Aferian has a backstop with its largest shareholder, Kestrel Partners but its loan is due to run out on April 15.

Aferian says a number of what it calls credible parties are actively engaged in advanced discussions over alternative ways to safeguard the business other than selling it lock, stock and barrel but some of the options being explored will still fall short of the amount owed to the banks.

And, because of the process being undergone, the group, in its own words continues to incur significant exceptional advisers' costs as well as having to meet other working capital requirements.

The senior lenders are helping Aferian explore all conceivable options but there is no mention of current staffing levels or ongoing deals for the company's technology.

The company's end-to-end solutions are said to bring live and on-demand video to every kind of screen. It creates the forward-thinking solutions that customers need to drive subscriber engagement, audience satisfaction, and revenue growth.

Aferian plc has two operating divisions: 24i, which focuses on streaming video experiences, and Amino, which connects Pay TV to streaming services. The complementary companies combine their products and services to create solutions which ensure that people can consume TV and video how and when they want it.