Munich-based world sales company Cine-International Filmvertrieb has announced that it will be shutting down operations as of tomorrow (Wednesday).

Rumours had been circulating within the film industry in Germany that the company was having problems, and speculation was fuelled further when Cine-International did not attend the MIP-TV in April or the Cannes Film Market in May this year.

In a letter to 'film buyers, colleagues and friends', Cine-International's head of sales Susanne Groh explained that negotiations are underway this week, 'and either a European investment company or a German sales and distrbution company will take over the assets, which means the film library and the label.'

Cine-International was founded almost 40 years ago in 1969 by the company's president Lilli Tyc-Holm and had almost 300 titles on its books including such films as George Sluizer's original The Vanishing (Spoorlos) and documentary Dying To Go Home, Joseph Vilsmaier's Autumn Milk, Mirko Borscht's Combat Sixteen, and Rudolf Thome's latest feature The Visible And The Invisible which had its world premiere at the Munich Film Festival last week.

In addition, Tyc-Holm represented the films of Werner Herzog for almost 30 years.