Datty Ruth’s home entertainment distrib VCL Film and Medien has filed for insolvency.
A major home-entertainment player in Germany for nearly 30 years, VCL had reached agreements with investors at the end of 2009 and beginning of 2010 to restructure the group. But they failed to provide the necessary financing, according to Ruth, VCL’s founder and CEO.
The group’s core divisions, VCL Communications and First Film, also filed for insolvency.
VCL was hit hard by the collapse of the Neuer Markt nearly a decade ago and has struggled ever since.
“I’ve done my best to restructure the company following the stock market crash and get it healthy and profitable again,” said Ruth, who managed to narrow VCL’s debt from €197 million ($264 million) to $6 million.
He is hopeful a new investor will deliver on the financial side so that VCL can emerge in better shape from insolvency and continue in business.
VCL’s home entertainment catalog includes Sylvester Stallone’s “Rambo,” Bruce Willis’ “16 Blocks” and “Hostage,” plus “The Code,” with Morgan Freeman and Antonio Banderas.