While not exactly a Christmas miracle, an injection of new capital has saved financially troubled production and distribution group IM Internationalmedia from insolvency.
The Munich-based company has reinstated former CEO Konstantin Thoeren, who ankled in August, and appointed Frederick Ulrich to the management board.
Thoeren and Ulrich will co-manage the company. IM Internationalmedia immediately withdrew its insolvency filing, which it had lodged in August.
“The withdrawal was made following an exercise of options under the IM Internationalmedia warrant bond and payment of capital contributions by IM Acquisition Co. against the issuance of new shares, enabling the company to pay its due obligations,” the company said in a statement on Monday.
IM Acquisitions Co. has acquired 13.2% of company stock. IM Internationalmedia provided no information about IM Acquisitions.
IM Internationalmedia’s shareholders also include Eluvium Holdings, a company linked to film financier David Bergstein, co-head of the Capco Group, which owns nearly 24%; former Kinowelt topper Michael Koelmel’s MK Medien, which holds nearly 11%; and former IM Internationalmedia topper and producer Moritz Bormann, with 5.6%.
Also unclear is the status of a lawsuit filed against IM Internationalmedia and its U.S. subsidiaries, including L.A.-based Intermedia, by R Media Acquisitions, another company associated with Bergstein.
L.A.-based R Media is claiming $7.7 million in unpaid loans stemming from the last-minute cancellation of John Cusack starrer “Stopping Power,” a film director Jan De Bont was to shoot in Berlin in 2007, before financing fell through.
R Media took over the production but did not revive the pic.
In its heyday, IM Internationalmedia tapped once lucrative but now banned German investment schemes to finance some of its biggest productions, including “Terminator 3: Rise of the Machines,” “Alexander” and “The Aviator.”
Shares in IM Internationalmedia closed up more than 108% to E0.50 (70¢).