The possibility ofinsolvency is no longer being ruled out at beleaguered Germanproducer-distributor Senator Entertainment after it admitted that its sharecapital has now been completely exhausted in writing off its film assets and investments.
German press reports quotedSenator's head of investor relations/corporate communications Karl-W. Homburgas saying a decision on the concern's future would be decided 'in a fewweeks'. 'There will be a quick reaction to restore the equilibrium,'he said.
While Senator posted a lossof Euro 6.9m in the first half of 2003 (ScreenDaily, August 2003), the concernexpects the overall financial statement for 2003 to end in the red, althoughsomewhat lower than 2002's Euro 178m net loss.
The value of shares inSenator fell over 28% to 40 cents during trading on Thursday following theadhoc communique about the disappearance of the share capital.