Flailing IM appoints Thoren co-head
EmptyCOLOGNE, Germany -- In an attempt to salvage a company in financial free-fall, IM Internationalmedia, the German parent of producer Intermedia, has appointed Konstantin Thoren as its new co-head, alongside CFO and acting CEO Sascha Konzack.
Thoren, a member of IM's supervisory board and a former producer with Germany's UFA International, will have to clean up the mess that has followed the collapse of the company's flagship production -- Jan de Bont's "Stopping Power" -- and the suspension of former CEO Martin Schurmann.
"Stopping Power," an action film starring John Cusack, was forced to stop production this summer after the one of its main financial backers pulled out. IM Stopping Power GmbH, a single purpose entity set up to finance the film, has filed for bankruptcy.
The news was a further blow to IM shares, which have been near rock bottom for months now.
Thoren's appointment gave a minor boost to IM stock, which was up 3.5% at €0.15 ($0.21) in early trading Thursday.