Beleaguered German producer-distributor Senator Entertainment filed for insolvency today (April 8) after failing to agree a rescue plan with its creditor banks and potential investors.
The Berlin-based company said the filing affected parent company Senator Entertainment AG as well as the subsidiaries Senator Film Produktion GmbH, Senator Film Verleih GmbH and Central Filmvertriebs GmbH, but does not include the Los Angeles-based international sales arm Senator International.
Senator said it had held "intensive and constructive negotiations in the last three weeks with banks and investors." The company was forced to file for insolvency when no rescue plan could be agreed within a legally prescribed three week deadline.
"The executive board will endeavour to continue the commenced negotiations together with the provisional insolvency administrator who is yet to be appointed," a statement added.
Senator ran into trouble last month after announcing a massive devaluation of its film library.
Senator holds a majority stake in X Filme, producer of Good Bye, Lenin!, and a 25% share in exhibitor Cinemaxx.