SIVision Aims to Achieve Renewal During Insolvency Procedure

Next TV Productions are secured - Search for Investors has started

The SIVIsion TV Production GmbH in Ismaning (Germany), a worldwide renowned technical service provider for high-definition film and television productions, has asked the district court in Munich to open the insolvency procedure. In this manner SIVision is trying to achieve a secured and stable basis to continue its business. “The German insolvency law offers us good opportunities. Our forthcoming TV productions such as the FIFA Women’s World Cup 2011 and the Porsche Carrera-Cup 2011 are secured and we see further prospects”, said Imre Sereg, founder and CEO of SIVision.

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Preceding the request to insolvency was the unexpected discontinuation of a worldwide and since seven years very successful motor sport event. “This decision suddenly came out of a clear sky and hit us quite hard. Despite all our efforts we were unable to achieve a conclusion with the rights holder and organizing group. Unfortunately, our two Emmy Awards received for the production of the racing series in 2008 and 2009 could not help to alter the decision”, Sereg continued. Also negotiations with an interested investor from the media industry remained ultimately unsuccessful.

“This long wait and hope has brought us into financial distress and made the insolvency procedure inevitable for the SIVision TV Production GmbH”, Sereg explained further. As the provisional liquidator the renewal expert and insolvency lawyer Dr. Michael Jaffé was orderd by the district court Munich.

“After the first intensive and very informative talks with the provisional liquidator we are even more convinced that with the entry of a strong partner we are able to achieve a future proof solution for SIVision. Our unique Know-How all sectors of TV live production, the existing and spectacular production volume and our unique production units are more than a good argument for each investor”, Sereg emphasizes.

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