Dutch singer announces bankruptcy at emotional press conference
Photos of popular Dutch singer Marco Borsato are splashed across several of the papers today. In an emotional press conference at Amsterdam’s pop temple Paradiso, Borsato explains how his entertainment agency The Entertainment Group (TEG) had gone bankrupt.
De Volkskrant quotes the singer explaining to his three children why the paparazzi are suddenly turning up to their football training sessions, “Daddy’s got a bit of a problem.” It seems a bit of an understatement as Borsato tells the press that he blindly signed all kinds of documents in which he guaranteed debts with his private fortune. The only reason the banks still believe in him is because of his working capacity, in other words, he can still sing.
The star of the film Silent Army, has promised to hold two concerts without taking any pay to help finance Diana Ross concerts scheduled to be held in Arnhem. What seemed to be a cash flow problem just a few weeks ago has turned into a financial nightmare, so far with no end.
AD reports that a couple of years ago Borsato was good for 30 million euros. He tells reporters he put 90 percent of his earnings into TEG, but was too busy to concern himself with managing the company.
