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 Das Werk declares Insolvency Posted by: Schloerby
Source: Press Release
Date: Wed Nov 06 2002
The renowned german VFX and postproduction company Das Werk AG today filed an application to start insolvency proceedings. Das Werk Group, with subsidiaries in the US, Canada and Korea, forms Europe's largest company of that kind.
The management board of DAS WERK AG has filed an application to start insolvency proceedings at the Amtsgericht Frankfurt (the Local Court of Frankfurt am Main). Dr. Lessing, Frankfurt, has been appointed as the preliminary insolvency administrator.
The application concerns only the publicly quoted holding company (the AG). The subsidiaries are not directly affected by the application. The application does not concern the das werk postproduction companies, which will continue to run their business unchanged. Magic Video in Hamburg as well as all foreign subsidiaries in the segments postproduction (CFX, das werk Zurich, EnEfecto, Glassworks), film production (FFP Media, Promark Entertainment, Road Movies) and animation (Trixter) are not included in the application and therefore are not directly affected by the application.
The sale of interests in companies held by DAS WERK AG is planned to be continued. As announced in August 2002 the das werk postproduction companies will be merged in a new incorporation. The character of the incorporation and the scope of the future business will have to be discussed between the preliminary insolvency administrator of the holding company DAS WERK AG, banks and management.
About the company:
DAS WERK AG: an integrated media and technology company
The companies united under the holding of DAS WERK AG provide various services in the three core areas of film and television productions, digital processing of films and videos (digital postproduction) as well as animation. There are also shareholding in audio production and camera technology. The common denominator of all sectors is film and video: the DAS WERK AG companies provide services within all areas of film making, from conception, production, and processing through the commercial exploitation. In addition, services in related business fields like camera equipment development are provided.
Related Links: Das Werk website
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