TV-Loonland has released an official statement saying that a Munich insolvency court has decided it has to go into preliminary administration.
Due to the fact the company's shareholders repeatedly refused approval of a share consolidation on November 19th and November 26th respectively, TV-Loonland was not able to raise cash through an equity injection.
Therefore, the firm cannot clear all debts on the respective due dates.
Effective today, TV-Loonland has appointed Dr Michael Briem as its new CEO. At the same time, he has quit the company's supervisory board.
The statement said that Dr Briem believes that the value of the company's assets exceed all open debts and he is working closely with the preliminary administrator in order to further maximise the value of those assets.