The news comes less than a month after Formula One chief Bernie Ecclestone approved the takeover by Kirch of the majority stake in SLEC, the company that holds the media rights to the F1 racing series.
EMTV still has a minority stake in SLEC and Kirch is in discussions with EMTV about taking this over. Kirch holds 58.3 percent of SLEC and a deal with EMTV would give it a controlling 75 percent holding.
But a London-based partner at US law firm Bingham Data said EMTV bondholders were concerned about the valuation of EMTV’s 16.7 percent stake in SLEC.
In exchange for the F1 stake, Kirch is believed to have offered its 24.2 percent stake in Constantin, a Neuer Markt-listed media company as well as its 50 percent share in Junior TV, a children's programming joint venture with EMTV.
