Insolvency Opens Door for Debt-Free Sale of Visão and Other Magazines, but State Faces Losses Over €15 Million Drag

The insolvency of Trust in News (TIN), owner of magazines Visão and Exame, allows for the sale of 16 press titles without debts, though the State will lose over €15 million in unpaid taxes and social security contributions.

TIN, led by former journalist Luís Delgado, faced severe financial issues since acquiring bonds from Impresa in 2018, which included "toxic assets." The company is now insolvent, with €30 million in debt, half owed to the Tax Authorities and Social Security. The Court of Sintra removed Delgado from management, appointing André Fernando de Sá Correia Pais as insolvency administrator, opening the path for third-party purchases.

Although this insolvency process provides hope for the magazines' future and job retention, it raises concerns about the management’s financial practices, with some suspecting fraudulent bankruptcy and "creative accounting." The insolvency plan, involving asset liquidation and debt repayment, will be finalized in January. Employees and creditors have until then to submit claims.