The takeover saga of the insolvent Kinowelt Group has continued into 2003, with news that brothers Michael and Rainer Koelmel have still not paid over the Euros32m agreed to acquire Kinowelt's core assets.

Insolvency administrator Dr. Wolfgang Ott said that payment by the Koelmels' Neue Spielfilm Vertriebs- und Marketing GmbH had been due on December 31, but was delayed by 'the complexity of the financing structures' according to the financing banks.

Ott added that: 'a further adequate amount of time is required for the final examination of the financing agreements.'