Kirch has been in talks with Springer for weeks about delaying the option on the publisher's 11.5% stake in Kirch's terrestrial TV station ProSiebenSat1. The two parties nearly came close to an agreement at the end of last week, but talks collapsed at the last minute.
Fending off Springer and its option is crucial to Kirch, which is currently shouldering around £3.75bn in debt and coming under increasing pressure from its creditors to pay back around £1.5bn.
This includes £1bn to News Corporation chairman Rupert Murdoch for his 22% stake in ailing pay-TV business Premiere, and £280m to Dresdner Bank, which recently extended Kirch's loan terms until April.
The extent of Kirch's financial difficulties first surfaced in October when Murdoch indicated he was unhappy with Premiere's performance and might exercise a put option, forcing Kirch to buy back his stake.
However, Kirch's debt would have meant it was unable to pay Murdoch back, and speculation mounted that Murdoch might be considering a takeover of the company.
Murdoch and Leo Kirch, chairman of the group, are understood to have been in talks recently about the future of Premiere.
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