IRISH DIGITAL music television station Bubble Hits, created by young Irish businessmen James Hyland and Lee Walsh, was taken off air in mid-February owing just over £1.9 million (€2.07 million) net to creditors.
This includes a £700,000 loan to Gaiety Investments, controlled by successful Irish music promoter Denis Desmond, who owns half of the failed television venture.
Bank of Ireland is owed £200,100 by way of an overdraft facility, while VAT of £7,582 is due to the Revenue Commissioners.
Transmission provider Arqiva is owed £430,375, while almost £715,000 appears to be due to Creative Sounds Ltd, a related company in Ireland.
Other large creditors include satellite broadcaster BSkyB, which is owed £32,510, and broadcast platform provider PubliTronic, which is due £23,289.
At the other end of the scale, Irish music promoter MCD Productions is due £703.
In total, creditors are owed just more than £2.2 million, while the company has total assets of £280,334.
Bubble Hits debuted in August 2006 with no advertising, deciding instead to seek sponsorship to fund its activities.
This decision was later reversed but the onset of recession resulted in the station being switched off for good two months ago.
