Insolvency Filing for TV-Loonland

MUNICH: The kids’ outfit TV-Loonland has been placed under preliminary administration by a German insolvency court after being unable to repay its debts.

In a statement, the company’s management blamed shareholders for twice refusing to approve a share consolidation that would have allowed it to raise new equity. "Therefore the company cannot clear all debts on the respective due dates," the statement said.

TV-Loonland simultaneously announced the appointment of Dr. Michael Briem as CEO. With the executive appointment, Briem steps down from the supervisory board. "The CEO strongly believes that the value of the company’s assets exceed all open debts and is working closely with the preliminary administrator in order to further maximise the value of these assets," the company said.