Spector to sell Photo Hall Luxembourg to Krefel

Spector said Hifi International SA, the Luxembourg branch of Photo Hall Multimedia, will be transferred to the new owner as soon as possible. The sales price is expected to be in the range between Euro 1.5 million and Euro 2.8 million depending on a still-to-be-reached agreement with the lenders. The full sum will be used to repay a portion of the debts of Photo Hall Multimedia NV.

Spector expects to be in a position to talk about the destiny of the other Photo Hall assets in Belgium during the next few weeks. According to the company, there is no financial commitment from Spector Photo Group NV to the creditors of Photo Hall Multimedia NV.