German TV Loonland will lay off nine of their 15 employees at its Munich headquarters later this summer.
The news prompted the company's stocks to jump 12 percent to 0.28 euros ($0.42), according to THE HOLLYWOOD REPORTER on Feb. 27.
In a statement from Loonland on March 7, they said they had "undertaken this restructuring step now so that its future shape across its offices better reflects its ongoing business."
"This follows on from both its debt restructuring exercise and debt for equity swap as previously announced. Meanwhile, TV Loonland continues to be in discussion on the sale of its UK film distribution business Metrodome besides other company assets, to pay back all debts in the first half of 2008."
Loonland produces and markets children's TV brands, including LITTLE PRINCESS and PETTERSSON AND FINDUS, but is struggling to stay in business.
