Archive notice: This article was originally published on August 12, 2013. Links and embedded videos are preserved as part of the historical record.
CinePostproduction GmbH, the subsidiary of CineMedia Film AG, will file an application to open insolvency proceedings today. Meanwhile, the management board is attempting an out-of-court restructuring of CineMedia Film AG.
Update Cinepost reports the following today:
Business operations of insolvent CinePostproduction GmbH continue
Munich, August 14, 2013. By order of August 12, 2013, the Munich Local Court appointed Stephan Ammann of
PLUTA Rechtsanwalts GmbH as provisional
insolvency administrator of CinePostproduction GmbH. The lawyer and
tax adviser has already made an important decision: “CinePostproduction’s business operations
will continue,” Ammann explained. He plans to continue executing existing
orders and to accept new orders.
Together with his employees, Stephan Ammann will obtain a comprehensive picture of the company’s situation over the next few days. In particular, he will examine the company’s economic situation and the possibilities for restructuring.
CinePostproduction GmbH, based in Grünwald, is a wholly owned subsidiary of the listed CineMedia Film AG and is one of Germany’s largest post-production companies, with branches throughout the country. The company currently employs more than 200 people. Locations are Munich, Berlin, Hamburg, Cologne and Halle. Employee salaries are secured through
insolvency benefit from the Federal Employment Agency.
CinePostproduction GmbH’s range of services extends from internally developed on-set services, such as the COPRA app for the iPad or the mobile cinema at the shooting location, through digital image and sound design to analogue or digital cinema release prints and HD broadcast tapes. With decades of expertise in the film industry, the company developed innovative workflows and services, for example for the new ACES digital colour space, database-supported solutions for digital archiving or cinema sound mixing in Dolby ATMOS. However, the high cost pressure in the post-production market, resulting in particular from the digitisation of the media markets, had recently caused problems for the company. With the loss of the analogue laboratory as a unique selling point and the resulting lower technical barriers to entry in the digital
production process, it faced increasingly heterogeneous competition from smaller providers pursuing an aggressive pricing policy in the market.
