Germany's Helkon starts liquidation
Buyers ready to snap up film library
The Munich-based producer-distrib filed for bankruptcy in August after it was unable to meet its growing debts, becoming yet another casualty of Germany's downtrodden media sector.
Company said a number of potential buyers are currently looking to buy its 600-title film library, which it expects to sell by the end of the year. Limited business operations are set to continue for the time being at the company, which currently has 50 employees. Helkon is also trying to sell some of its 25 subsidiaries.
Helkon suffered a string of flops this year, including "Rollerball" and Leslie Nielsen comedy "2001 -- A Space Travesty" and saw 9-month losses more than double to 37 million German marks ($18.6 million).
Despite intensive restructuring undertaken earlier this year, Helkon failed to find outside investors and was forced to throw in the towel.
