3. DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

On July 9, 2017, we entered into a framework agreement with Slovenia Broadband S.à r.l. (the "Purchaser"), a wholly owned subsidiary of United Group B.V., relating to the sale of our Croatia and Slovenia operations for cash consideration of EUR 230.0 million (approximately US$ 275.8 million) (the "Divestment Transaction"), subject to customary working capital adjustments. The closing of the Divestment Transaction is subject to obtaining regulatory approvals and other customary closing conditions. On November 15, 2017 the Croatian Agency for Electronic Media ("CAEM") published a decision that the acquisition by the Purchaser is not permitted under the Croatian Act on Electronic Media due to certain cross ownership restrictions that CAEM believes to be applicable to the Divestment Transaction. Following the sale by United Group of certain assets in Croatia to address this cross ownership restriction cited by CAEM, the Purchaser has reapplied for approval from CAEM. We expect the transaction to close subject to obtaining the remaining regulatory approval and other customary closing conditions being satisfied. If the transaction is terminated by either party because the transaction has not closed as of March 31, 2018, we would receive a termination fee of EUR 7.0 million (approximately US$ 8.4 million), subject to certain exceptions, including if the requisite regulatory approvals have not been obtained as a result of the Purchaser being required to make specified material divestitures as a condition to any requisite regulatory approvals or if a notification has not been declared complete by a relevant regulatory authority.

Loss from discontinued operations, net of tax for the year ended December 31, 2015 includes the results of our Romania operations sold during 2015. Separate analysis of the impact of discontinued operations arising in 2017 (Croatia and Slovenia) and 2015 (Romania) is given in Notes 3a and 3b below.

The carrying amounts of the major classes of assets and liabilities of our discontinued operations that are classified as held for sale in the consolidated balance sheets at December 31, 2017 and December 31, 2016 were:



	December 31, 2017		December 31, 2016
Assets held for sale
Current assets held for sale
Cash and cash equivalents	$	8,784	$	2,853
Accounts receivable, net	43,540		36,969
Program rights, net	62,017		16,489
Property, plant and equipment, net	22,870		—
Other current assets	10,945		4,929
Total current assets held for sale	$	148,156	$	61,240
Non-current assets held for sale
Program rights, net	$	—	$	35,927
Property, plant and equipment, net	—		20,010
Other non-current assets	—		4,339
Total non-current assets held for sale	$	—	$	60,276

Liabilities held for sale
Current liabilities held for sale
Accounts payable and accrued liabilities	$	30,073	$	26,603
Other current liabilities	2,058		888
Total current liabilities held for sale	$	32,131	$	27,491
Non-current liabilities held for sale
Other non-current liabilities	$	—	$	1,415
Total non-current liabilities held for sale	$	—	$	1,415

Loss from discontinued operations, net of tax comprised the following for the years ended December 31, 2017, 2016 and 2015:



	For The Year Ended December 31,
	2017			2016			2015
Net revenues	$	126,499		$	111,839		$	116,931
Cost of revenues	88,763			89,438			92,605
Selling, general and administrative expenses	22,265			16,344			19,718
Operating income	15,471			6,057			4,608
Interest expense ⁽¹⁾	(18,579		)	(20,835		)	(19,699		)
Other non-operating income / (expense), net	729			(413		)	(2,370		)
Loss from discontinued operations, before tax	(2,379		)	(15,191		)	(17,461		)
Provision for income taxes	(2,247		)	(981		)	(547		)
Loss from discontinued operations, net of tax, before loss on sale	(4,626		)	(16,172		)	(18,008		)
Loss on sale of divested businesses, net of tax	—			—			(11,388		)
Loss from discontinued operations, net of tax	$	(4,626	)	$	(16,172	)	$	(29,396	)

⁽¹⁾

For the years ended December 31, 2017, 2016 and 2015, we paid US$ 17.4 million, US$ 33.3 million and US$ 3.5 million, respectively, of interest and Guarantee Fees associated with the 2018 Euro Term Loan, both as defined in Note 5, "Long-term Debt and Other Financing Arrangements". These payments were allocated to net cash (used in) / provided by discontinued operations - operating activities in our Consolidated Statements of Cash Flows as we are required to apply the expected proceeds from the sale of our Croatia and Slovenia operations towards the repayment of the remaining principal amounts owing in respect of the 2018 Euro Term Loan (see Note 5, "Long-term Debt and Other Financing Arrangements").

3a. Discontinued Operations - Croatia and Slovenia

Loss from discontinued operations, net of tax related to the sale of our Croatia and Slovenia operations classified as held for sale and discontinued operations during 2017 comprised the following for the years ended December 31, 2017, 2016 and 2015:



	For The Year Ended December 31,
	2017			2016			2015
Net revenues	$	126,499		$	111,839		$	109,646
Cost of revenues	88,763			89,438			85,925
Selling, general and administrative expenses	22,265			16,344			17,185
Operating income	15,471			6,057			6,536
Interest expense	(18,579		)	(20,835		)	(19,677		)
Other non-operating income / (expense), net	729			(413		)	(2,330		)
Loss from discontinued operations, before tax	(2,379		)	(15,191		)	(15,471		)
Provision for income taxes	(2,247		)	(981		)	(638		)
Loss from discontinued operations, net of tax	$	(4,626	)	$	(16,172	)	$	(16,109	)



PER SHARE DATA:
Loss from discontinued operations, net of tax per share:
Basic	$	(0.03	)	$	(0.10	)	$	(0.11	)
Diluted	(0.03		)	(0.10		)	(0.11		)

Net cash (used in) / provided by discontinued operations classified as held for sale and discontinued operations during 2017 comprised the following for the years ended December 31, 2017, 2016 and 2015:



	For The Year Ended December 31,
	2017			2016			2015
Net cash (used in) / provided by discontinued operations - operating activities	$	(4,206	)	$	(25,900	)	$	8,366
Net cash used in discontinued operations - investing activities	(6,128		)	(7,155		)	(6,863		)
Net cash used in discontinued operations - financing activities	(285		)	(247		)	(253		)

3b. Discontinued Operations - Romania

During 2015, we completed our non-core divestiture plans with the sale of our Romanian studios, cinema, music, radio and distribution businesses.

Loss from discontinued operations, net of tax related to discontinued operations classified as discontinued during 2015 comprised the following for the year ended December 31, 2015:



	For The Year Ended December 31,
	2015
Net revenues	$	7,285
Cost of revenues	6,680
Selling, general and administrative expenses	2,533
Operating loss	(1,928		)
Interest expense	(22		)
Other non-operating expense, net	(40		)
Loss from discontinued operations, before tax	(1,990		)
Credit for income taxes	91
Loss from discontinued operations, net of tax, before loss on sale	(1,899		)
Loss on sale of divested businesses, net of tax ⁽¹⁾	(11,388		)
Loss from discontinued operations, net of tax	$	(13,287	)


⁽¹⁾	Amount includes realized gains / losses on completed disposal transactions in 2015. The amount includes losses related to the reclassification of the cumulative translation adjustment into net income of US$ 7.7 million and the reclassification of accumulated losses attributable to noncontrolling interest of US$ 3.7 million.



PER SHARE DATA:
Loss from discontinued operations, net of tax per share:
Basic	$	(0.09	)
Diluted	(0.09		)

Net cash provided by discontinued operations classified as discontinued during 2015 comprised the following for the years ended December 31, 2017, 2016 and 2015:



	For The Year Ended December 31,
	2017		2016		2015
Net cash used in discontinued operations - operating activities	$	—	$	—	$	(3,019	)
Net cash provided by discontinued operations - investing activities	2,046		1,194		6,598
Net cash used in discontinued operations - financing activities	—		—		(76		)