案例库 · 财务与会计 · 财务决策 · 1983–1999
Manchete 1999 年熄灯——它的债务,如今超过 10 亿雷亚尔,还活着
巴西的 Manchete 在 1990 年凭《潘塔纳尔》打败了 Globo,九年后熄灯,凌晨两点卖掉,价格几乎全是债务。债务至今还在增长。
Rede Manchete
传闻流传很广,但拿不出可查的文件。当成教训看,别当成事实。
对今天的意义
当一家生意靠信贷运转时,要在顶峰之前给退场定价:谁会继承这笔债,它又能长成什么样?Manchete 的账单穿过三次易手,在信号死亡 25 年后仍在复利——法院最终裁定它不属于任何继任者。
怎么回事
1983 年 6 月 5 日,Adolpho Bloch 在公开竞标赢得的五个频道上为 Rede Manchete 揭幕,这些特许由总统 João Figueiredo 于 1981 年授出。它从一开始就靠借来的规模运转:到 1986 年它已背下 8000 万美元的累计亏损。然后是《潘塔纳尔》——1990 年 3 月 27 日开播,Benedito Ruy Barbosa 编剧、Jayme Monjardim 执导,在圣保罗平均拿到创网络纪录的 22 个收视点,从第四周起几乎天天压过 TV Globo:从未压过旗舰剧《Rainha da Sucata》本身,但压过了它周围的整个编排。Globo 拉长自己的时间表来应对。
这部热剧付不起整个网络的账单,连债务本身都有人争议:Bloch 在 1991 年说债务不到集团资产的百分之五,另有人说四千万。1992 年 6 月 IBF 集团以 1.1 亿美元债务接手;买家违约,1993 年网络回到家族手里。Adolpho Bloch 于 1995 年 11 月去世,侄子 Pedro Jack Kapeller 继承了这场下滑。最后几年是罢工、大规模裁员和欠薪;1998 年的剧《Brida》因缺钱被砍短——它的女主角直到 2022 年才通过法院拿到片酬。
到 1999 年 5 月,网络及其声像公司共 1359 名员工自去年 10 月起就没拿到工资。1999 年 5 月 9 日凌晨两点,在里约 Hotél Glória 十二小时会议后,Kapeller 把网络签卖给了 TeleTV——Amilcare Dallevo Jr. 和 Marcelo de Carvalho 的集团:6.08 亿美元,其中卖方当场收到 100 万美元,之后六年每年 750 万美元——其余全是债务本身,包括欠政府的 5 亿美元。Manchete 于 1999 年 5 月 10 日熄灯,十六年之后。Bloch Editores 当年 7 月申请 convocatoria;2000 年 8 月被宣告破产。
这家网络仍被人记住——也仍被人追债。2021 年其 25000 盘磁带的档案以 50 万雷亚尔拍卖,收益抵债;2022 年 Globo 重拍了《潘塔纳尔》,编剧是原作者的外孙。而债务让这个名字继续活着:2018 年 12 月 5.6 亿雷亚尔,到 2023 年 5 月 10.4 亿——被美元走强和利息翻倍——2024 年横跨八家注册公司合计 13.24 亿雷亚尔,其中大部分是欠薪。正如一篇回顾所说:已灭绝的 Rede Manchete 因为一笔还不起的债务而依然活着。
为什么会这样
- 这家网络建立在对债务融资的声望之上:热剧是真的,但成本结构靠信贷运转,而每一次救援都是同一笔债卖给下一个主人。
- 连数字都有争议——Bloch 说债务不到资产的百分之五,买家听到的是四千万或一亿一千万——所以从来没人能不带一个故事地给这家公司定价。
- 债务活得比生意久:停播四分之一个世纪后,账单还在随美元和利息复利,名字活在了法院卷宗里而不是电视上。
教训
为声望借的债,复利的时间比声望本身更长。Manchete 的账单比它的信号多活了 25 年——资产负债表是一家公司永不熄灯的那部分。
资料来源
- Wikipédia — Rede Manchete (inaugurated 5 June 1983 on five channels won in public bid, concessions granted by president João Figueiredo 25 March 1981, decreto nº 85.842; by 1986 accumulated losses of US$80 million; 1988 debt US$34 million; contested 1991 figures — Bloch: 'A nossa dívida não chega a 5% do patrimônio da empresa', Paulo Octávio said US$40 million; June 1992 IBF group assumed US$110 million of debt for 49% of the network; strikes, mass dismissals and salary arrears marked the final period; 'deixou de ser identificada com o nome Manchete em 10 de maio de 1999'; concessions sold to TeleTV, led by Amilcare Dallevo Jr. and Marcelo de Carvalho; a later court decision exempted the new network from the predecessor's debts)
- Wikipédia — Grupo Bloch (sold to IBF in 1992, returned to the Bloch family in 1993 after buyer Hamilton Lucas de Oliveira failed to fulfil the sale contract; Pedro Jack Kapeller owner 1995–1999; Bloch Editores filed concordata 27 July 1999 and closed in 2000, bankruptcy decreed 1 August 2000; TeleTV bought Rede Manchete for US$608 million)
- Wikipédia — Pantanal (telenovela de 1990) (premiered 27 March 1990, written by Benedito Ruy Barbosa, directed by Jayme Monjardim; premiere 7 points, peaks of 30, overall average 22 — the highest in Manchete's dramaturgy, final chapter 31; from the fourth week beat TV Globo daily — though never Rainha da Sucata itself, rather Globo's show lineup and later Araponga; 'a única telenovela a bater a TV Globo quase que do começo ao fim'; Globo stretched Rainha da Sucata and cancelled TV Pirata in response)
- F5/Folha — Fora do ar há 25 anos, Manchete deixou legado artístico e dívida bilionária (10 May 2024: R$1.324 billion of debt across eight CNPJs linked to TV Manchete Ltda., of which R$593.7 million unpaid wages; Jayme Monjardim: 'A Manchete foi um sonho na minha vida'; Taís Araújo: 'uma galera era contratada, mas nunca começavam a gravar porque não tinha dinheiro'; archive of 25,000 tapes auctioned for R$500,000 plus the brand, proceeds against the debts)
- Notícias da TV — Fora de controle: dívida da Manchete dobra em quatro anos e já supera R$ 1 bilhão (14 May 2023: R$560.1 million in December 2018 → R$1.040 billion in May 2023, doubled by the dollar and interest; R$489.7 million labor debt, R$426.3 million banks and suppliers including Banco do Brasil, Bloch Som & Imagem alone R$111.7 million; 'a extinta Rede Manchete segue viva por causa de uma dívida impagável'; Carolina Kasting, lead of Brida, paid only in 2022 after forcing RedeTV! in court)
- Diário do Grande ABC, 9 May 1999 (archived): Teletv compra Rede Manchete por US$ 608 milhões (deal signed at 2 a.m. on Sunday 9 May 1999 at the Hotel Glória, Rio; Kapeller receives US$1 million at signing and US$7.5 million a year for six years; 'A TV tem US$ 500 milhões em dívidas com o governo'; staff unpaid since October 1998 — 1,359 employees across TV Manchete and Bloch Som e Imagem)
- Wikipédia — Adolpho Bloch (born 8 October 1908, Jitomir, Russian Empire; died 19 November 1995 in São Paulo, aged 87, of a pulmonary embolism and mitral valve prosthesis failure; childless; his companies passed to his nephew Pedro Jack Kapeller)
发现哪里写错了?告诉我们。
类似的案例
这家公司栽倒的地方,别处有人漂亮地解开过。 第二意见 →

Comments · 0
登录 后就能评论。