Board members leave Loonland

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MUNICH -- In what could be a sign of a meltdown, two out of three supervisory board members are leaving troubled Munich-based children's television producer TV-Loonland, the company said Thursday.

Thomas Mayrhofer and Michael Bischoff will leave the supervisory board "for personal reasons" as of June 30, according to the statement.

The company has been in a financial crisis for many months, with 2006 losses amounting to more than half the company's basic capital. The statement said that, due to the "continuing restructuring process" at the company, Loonland is delaying the release of both the final financial accounts for 2006 and its first-quarter report for 2007.

"A review of the current situation is occurring on a daily basis," the statement said.

Supervisory board chairman Michael Briem will remain in his position, a Loonland spokesman said. "It is expected that the company will announce new appointments to the supervisory board in due course," he added, declining to elaborate further on the company's statement.

The company's stock plunged from €0.94 ($1.27) to €0.68 ($0.91) in the opening hours of trading Thursday, but recovered somewhat later in the day. By late afternoon it was hovering at about €0.80 ($1.08).
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