Senator Entertainment plans to focus its futureoperations on the core business of its three 100% subsidiaries Senator FilmProduktion, Senator Film Verleih and Central Film Vertriebs once it has beendischarged from insolvency proceedings.
However, it will selloff its interest in LA-based international sales outfit Senator Internationalas part of the insolvency plan drawn up by court-appointed receiver RolfRattunde, which was outlined yesterday at a special press conference.
Rattunde also confirmed that talks have alsobeen held about the possibility of Senator parting company with its interestsin X-Filme creative pool and X Verleih as well as in Til Schweiger's productionhouse Mr Brown Entertainment.
At the same time, Rattunde stressed that Senatorwas not currently looking to offload its stake in multiplex chain CinemaxX.
The key priority for him over the past fewmonths had been to bring Senator out of insolvency and enable it to return tonormal business operations.
According to Senator Entertainment's CEOChristopher Borgmann, the business had been greatly affected by the insolvencythis year. 'With some potential business partners there were considerablemisgivings and, in part, justified fears about the risk', he said.'However, thanks to active support of Herr Rattunde and his office, wehave managed to set a number of promising projects in motion.'
As a result, Senator has been able to become theGerman production partner on Christian Clarion's Euros 18m Joyeux Noel,starring Good Bye, Lenin!'s Daniel Bruehl and Troy's Diane Kruger, whichwill start shooting this autumn.
In addition, Senator is the co-producer anddistributor of the comedy Eingelocht, the third part of PeterThorwarth's 'Unna trilogy' which was begun with Bang BoomBang and Was Nicht Passt, Wird Passend Gemacht which were also madewith Senator..
'2004 was quite clearly a year ofrestructuring' CFO Ingo Stein concluded. '2005 will be a year ofbuilding [the company] up and 2006 a fully operative year again.'