Animation production house RTV Family Entertainment has moved out of temporary insolvency after receiving a bridging credit line from its bank syndicate backed by a letter of credit from majority shareholder Ravernsburger AG.
This step restores RTV to full financial solvency, but additional cash funds of Euros 4m will be needed up to the end of 2002.
In a statement, RTV noted that Ravensburger was prepared to close this additional gap "dependent on further successes in the restructuring of RTV. The restructuring concept presented by the RTV management also contains contributions from creditors in addition to massive cost saving measures and a further concentration on profitable business segments".
Neuer Markt-listed RTV's share price rose by 39.3% to Euros 0.39 on news of the granting of a bridge credit line.