A steadily declining economic situation forced RTV to begin considering restructuring in May 2002. In July, restructuring expert Fredrik Henzler was appointed to the managing board and charged with the task of implementing new initiatives that would allow the company to concentrate on its core business and adapt its cost structures.
The restructuring involved changes in the managing board, waiving of liabilities, reductions of ongoing production obligations and financing payments to subsidiaries, the downsizing of staff and waiver of bank loans. RTV has now completed the process with a capital increase against cash totaling approximately $4.9 million. Main shareholder Ravensburger AG took over 99% of the increase.
The shake-up saw the Aug. resignation of board members Peter Hille and Wolfgang Heidrich, as well as the Sept. closure of the RTV production office in Mainz. The total number of employees will be decreased by two-thirds by the end of 2002.
RTV is best known for co-producing and distributing the series Brothers Flub, Fix and Foxi, and Inspector Mouse.
