Banks Buy German Cable Giant Ish | Business| Economy and finance news from a German perspective | DW | 31.01.2003
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Banks Buy German Cable Giant Ish

A consortium of banks led by Citibank and Deutsche Bank on Friday purchased the insolvent cable company Ish for €275 million ($297.2 million). An Ish spokesman said the banks were the only bidders at a public auction for Ish, whose parent company filed for bankruptcy in fall 2002. Close to 1,250 people are employed by the Cologne-based company, which offers cable and digital TV programming to customers in the state of North Rhine-Westphalia .