You will be redirected back to your article in seconds

TV-Loonland files for insolvency

Animation house unable to meet its debts

Financially strapped German animation group TV-Loonland filed for insolvency Wednesday, saying it was unable to meet its debts.

Company blamed its shareholders for blocking a proposed 10 to one share consolidation, which would have replaced the group’s stock with a smaller number of shares with a higher par value.

TV-Loonland said that because its “shareholders repeatedly refused approval of share consolidation” in November 2008 and again last month, it was “not able to raise cash through an equity injection. Therefore the company cannot clear all debts on the respective due dates.”

Company also announced the appointment of Michael Briem as its chief exec. In taking the post, Briem steps down from his previous position of supervisory board chairman. He replaces Simon Flamank, who announced in October that he was ankling.

TV-Loonland, which produces a slew of animation, including “Little Princess,” had been trying to restructure its operations over the past year amid the global downturn while entangled in litigation with former CEO Selma Kaeppel, who was convicted of fraud.

More TV

  • BuzzFeed logo

    Netflix Teams With BuzzFeed for Docu-Series About BuzzFeed News Reporters

    Financially strapped German animation group TV-Loonland filed for insolvency Wednesday, saying it was unable to meet its debts. Company blamed its shareholders for blocking a proposed 10 to one share consolidation, which would have replaced the group’s stock with a smaller number of shares with a higher par value. TV-Loonland said that because its “shareholders […]

  • Bret Easton Ellis' 'Less Than Zero'

    Bret Easton Ellis' 'Less Than Zero' in Development as Hulu Series

    Financially strapped German animation group TV-Loonland filed for insolvency Wednesday, saying it was unable to meet its debts. Company blamed its shareholders for blocking a proposed 10 to one share consolidation, which would have replaced the group’s stock with a smaller number of shares with a higher par value. TV-Loonland said that because its “shareholders […]

  • PBS logo

    PBS SoCal, KCETLink Agree to Merge

    Financially strapped German animation group TV-Loonland filed for insolvency Wednesday, saying it was unable to meet its debts. Company blamed its shareholders for blocking a proposed 10 to one share consolidation, which would have replaced the group’s stock with a smaller number of shares with a higher par value. TV-Loonland said that because its “shareholders […]

  • Sky Withdraws Recommendation of Fox Takeover

    Sky Withdraws Recommendation of Fox Takeover After Comcast Offer

    Financially strapped German animation group TV-Loonland filed for insolvency Wednesday, saying it was unable to meet its debts. Company blamed its shareholders for blocking a proposed 10 to one share consolidation, which would have replaced the group’s stock with a smaller number of shares with a higher par value. TV-Loonland said that because its “shareholders […]

  • viacom logo

    International TV Growth, Paramount Gains Power Viacom Q2 Earnings

    Financially strapped German animation group TV-Loonland filed for insolvency Wednesday, saying it was unable to meet its debts. Company blamed its shareholders for blocking a proposed 10 to one share consolidation, which would have replaced the group’s stock with a smaller number of shares with a higher par value. TV-Loonland said that because its “shareholders […]

  • A view of the headquarter of

    Comcast Makes Formal $31 Billion Offer for Sky

    Financially strapped German animation group TV-Loonland filed for insolvency Wednesday, saying it was unable to meet its debts. Company blamed its shareholders for blocking a proposed 10 to one share consolidation, which would have replaced the group’s stock with a smaller number of shares with a higher par value. TV-Loonland said that because its “shareholders […]

  • Rod Henwood Joins 'The Night Manager'

    Zodiak and Channel 4 Alum Rod Henwood Joins 'The Night Manager' Producer The Ink Factory

    Financially strapped German animation group TV-Loonland filed for insolvency Wednesday, saying it was unable to meet its debts. Company blamed its shareholders for blocking a proposed 10 to one share consolidation, which would have replaced the group’s stock with a smaller number of shares with a higher par value. TV-Loonland said that because its “shareholders […]

More From Our Brands

Access exclusive content