The restructuring plan for the insolvent SenatorEntertainment negotiated its first hurdle at an extraordinary AGM convened bythe court-appointed receiver Rolf Rattunde in Berlin on Thursday (June 17).
At the meeting in Hotel Berlin, the shareholdersagreed to a capital reduction of 90% and a subsequent capital increase in orderto clear the way for a new investor to come onboard with fresh capital. Thenext steps are expected to be the successful conclusion of the talks withpotential investors and the presentation of the restructuring plan at thecreditors meeting in Berlin on June 30.
Meanwhile, the rival German producer-distributorConstantin Film has thrown its hat into the round of bidders for a stake inSenator. Speaking to the business daily newspaper Handelsblatt board chairmanFred Kogel revealed that his company was one of 'many parties interestedin Senator. We don't yet want to specify exactly what we are interested in, inSenator as a whole or in individual assets. We must have a look at it.'
At an investors conference in Frankfurt thisweek, Constantin forecast that its revenues for 2004 would jump from lastyear's Euro 114.3m to Euro 180m and post an EBIT of Euro 6m.