German production outfit H5B5 Media, which co-produced Cannes film Welcome To Collinwood, has become the latest in the growing list of German media companies filing for insolvency.

In a statement, the company said that an ongoing production for children's animation specialist RTV had encountered cash flow problems. In addition, a Euros 3.9m commission of a 26-part 3D computer-animated children's series for Hamburg-based United Stardust (USD) had been cancelled after investors reneged on their promise of finance to USD.

Board member Hendrik Hey said "Compared to other companies, H5B5 Media AG doesn't see itself before an insuperable abyss", adding that "the core business of H5B5 Media AG is healthy [...] and we are expecting a renaissance of the rest of the media business in the medium term".