TV-Loonland Files for Insolvency, New CEO

Berlin-based TV-Loonland has filed for insolvency. A Munich court announced on Wednesday that the animation company would have to go under preliminary administration and appointed an attorney.

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

Meanwhile, TV-Loonland has named Michael Briem as chief executive officer, replacing Simon Flamank. Briem will exit his role as supervisory board chairman.

TV-Loonland is the producer of TV series “Little Princess,” “Pat & Stan,” “The Owl” and “Penelope.”

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