Deatsche Bank finds as-yet-unknown buyer
BERLIN — After more than a year on the block, Senator Entertainment is changing hands as Deutsche Bank last week settled on an as-yet-unknown buyer.
Fellow producer-distrib Kinowelt was among the bidding parties, but company confirmed Friday that Deutsche Bank rejected its offer in favor of a bid from another investor.
Deutsche Bank, along with a group of investors, took over Senator last year in a debt buyout from a consortium of creditors headed by Bayerische Landesbank.
Kinowelt said it remained interested in Senator and would seek a minority stake in the company via the stock market, adding the two companies would fit well together since their activities and market positions are complementary.
Deutsche Bank has declined to comment on the deal.
In 2003 Senator enjoyed major hits with “The Miracle of Bern” and “Good Bye, Lenin!,” the latter produced and released by Senator subsidiary X Filme.
But massive writedowns on its film assets in 2004 pushed the company into insolvency, which led to the Deutsche Bank takeover of Senator’s $204 million debt as part of a restructuring deal.