RTV Secures Temporary Financial Reprieve
German children's television producer RTV Family Entertainment has received a temporary reprieve from its financial woes in the form of a bridge credit line issued by a banking syndicate. The funds are backed by a letter of credit from RTV's majority shareholder Ravensburger AG, and will enable the floundering company to cover all current and past due liabilities. RTV still needs approximately 4 million Euro (US$3.7M) to continue operations through the end of the year. According to a statement issued by RTV, Ravensburger AG has offered its continued financial support, depending on the results of an ongoing audit and implementation of an approved restructuring plan. RTV cited the recent collapse of Kirch Media and co-production partner Phenomedia, as the primary reasons for the deterioration of the company's financial situation.