Press Release from TV-Toonland AG

Munich insolvency court decided that TV-Loonland AG has to go under preliminary administration and mandated Attorney at law Dr. Ott as preliminary administrator.

Due to the fact that the company’s shareholders repeatedly refused approval of a share consolidation on 19th November 2008 and 26th November 2009, TV-Loonland was not able to raise cash through an equity injection. Therefore the company cannot clear all debts on the respective due dates.

Effective today, TV-Loonland appoints Dr. Michael Briem as its new CEO. At the same time, Dr. Briem quits the company’s 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.