RTV On Brink Of Insolvency
German animation producer RTV Family
Entertainment has announced that the recent collapse of Kirch Media
and co-production partner Phenomedia, as well as losses from bad
debts with foreign partners, has led to a rapid deterioration of the
company's financial situation. A May 2002 cancellation of a 5 million
Euro (approximately US$4.7M) credit line from a major Austrian bank
has added to the company's dire financial straits. According to a
press release issued by RTV, the company needs between 6 and 7
million Euro ($5.7M - $6.7M) to finish out the year, with short-term
needs of about one third that amount to restore solvency. Over the
past few weeks, RTV Family Entertainment AG helped to create a
concept for restructuring in cooperation with independent management
consultants. The business plan has been presented to the board, with
a decision expected this week. RTV is the producer of animated series like such as ROBOROACH and Rolf Kauka’s FIX & FOXI AND
FRIENDS.
Entertainment has announced that the recent collapse of Kirch Media
and co-production partner Phenomedia, as well as losses from bad
debts with foreign partners, has led to a rapid deterioration of the
company's financial situation. A May 2002 cancellation of a 5 million
Euro (approximately US$4.7M) credit line from a major Austrian bank
has added to the company's dire financial straits. According to a
press release issued by RTV, the company needs between 6 and 7
million Euro ($5.7M - $6.7M) to finish out the year, with short-term
needs of about one third that amount to restore solvency. Over the
past few weeks, RTV Family Entertainment AG helped to create a
concept for restructuring in cooperation with independent management
consultants. The business plan has been presented to the board, with
a decision expected this week. RTV is the producer of animated series like such as ROBOROACH and Rolf Kauka’s FIX & FOXI AND
FRIENDS.
An update on RTV's finanacial situation has been posted.
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