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