Hogadata, one of FLV fund’s portfolio companies has filed for and obtained bankruptcy protection from the Commercial Court in Antwerp. The court has granted the company a provisional suspension of payment for six months. This will have no effect on FLV Fund, which has already written off its full participation in the Hogadata group (shares and loans) for a total amount of $3.7 million in the fourth quarter of 2000.
Hogadata develops and produces voice interactive, multilingual, step-by-step educational and training products based on proprietary multimedia software engines. Specific titles include cooking, gardening, plumbing and carpentry. The products target professionals, amateurs and the general public.
The easy-to-use training systems allow users to acquire a basic or advanced proficiency in any craft.
FLV fund made its initial investment of around $2.1 million in June 1998, taking a 45 per cent stake in the company. The following December the fund also invested $2.5 million in Hogadata Hospitality Systems. The subsidiary produces a professional tool named Tragastro, developed for the hospitality industry that enables compilation, translation and printing of food menus.