Buenos Aires (Reuters) – Argentine billboard company BTS has filed bankruptcy protection for the first time in a decade as the economy and media landscape is more fragmented and fragmented than at any time since the 1970s.BTS, the country’s biggest billboard company, said it will file for Chapter 11 protection and that it is unable to continue operating without a stable income stream.
The firm, which had a turnover of about $10 billion, said the company would continue to operate until the end of 2020.
The company’s last financial report showed that it had a net loss of about 60 million pesos ($7.2 million) for the year ending March 31.
Betts billboard agency had been in the red as the Buenos Aires economy struggled under a crippling economic crisis that has pushed up prices and made it more difficult for businesses to keep their doors open.
Bots has been working with several advertising firms to create billboards for Argentina and abroad that would boost the economy, boost tourism and attract tourists.
The firm said it had no plans to shut down its business.
Bets shares fell more than 3 percent on Monday after news of the bankruptcy filing broke, wiping nearly $4 million off its market value.