Germany's TiMe Group has filed for protection from creditors two months after it was forced to dramatically scale back distribution and licence trading arm TiMe Medienvertriebs.
Although TiMe founder Wolfram Tichy described the filing as "a legally imperative precautionary measure," the likelihood of TiMe joining Germany's growing list of high-profile media casualties looks high.
"Unfortunately, one cannot assume in the light of the present drought in the media landscape that help can be expected from outside in the short term," Tichy said. He added that negotiations with some "previously conceivable cooperation partners" had already broken down.
Apart from TiMe Medienvertriebs, other group companies affected by the insolvency include: production outfit TiMe Film und TV Produktions which produced such TV series as the cult sci-fi show LEXX - The Dark Zone. It also acted for the VIF International Films private media funds as service producer on productions such as Peter Sehr's Love The Hard Way and Michael Moore's Bowling For Columbine. Post-production company Filmeffekte and its Erfurt-based subsidiary are also involved.
Tichy stressed that film and TV productions backed by the VIF International Films funds will not be affected by the filing as the funds are legally and financially independent of the TiMe Group.