MUMBAI: After being unable to repay its debts, Loonland, the kids‘ outfit TV, has been placed under preliminary administration by a German insolvency court.
In a statement, the company‘s management blamed shareholders for refusing to approve a share consolidation twice that would have allowed it to raise new equity.
“Therefore the company cannot clear all debts on the respective due dates,” the statement read.
TV-Loonland also announced the appointment of Dr. Michael Briem as its CEO.
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