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RTV Family Entertainment Writes Off 100M Euros

German animation company RTV Family Entertainment has written off 100 million Euros in a bid to keep the company alive, after the collapse of the Kirch Media Group and other precipitating factors led to a near collapse of RTV last month. RTV has returned all shares in Dutch documentary production company Off the Fence to Ellen Windemuth, former owner and previous managing director. In return, Windemuth releases RTV from its financial obligations. In addition, RTV has written off Sydney, Australia-based subsidiary Energee Entertainment in its entirety. Energee has filed for voluntary administration under the Australian insolvency jurisdiction (which offers a similar procedure as North America's Chapter 11). Energee's management board appointed a voluntary administrator who will take control of Energee during the insolvency. The company hopes to continue operations. RTV no longer holds any debt after reducing its film and television portfolio by approximately 64 million Euros, and its subsidiary assets, including Energee, by approximately 36 million Euros. The company has scheduled an extraordinary shareholders' meeting for August 12, 2002, due to the fact that more than 50% of the capital stock has been eliminated.