Germany's Senator cuts debt
COO Christopher Borgmann resignsCOLOGNE, Germany -- Struggling German producer-distributor Senator has cut 17.6 million euros ($25 million) in debt, inked deals with Wild Bunch and Universum Film and said goodbye to its COO.
The cost-cutting moves have reduced debt to less than $10 million, Senator said Monday.
Separately, company COO Christoph Borgmann has resigned, leaving CEO Helge Sasse as the sole head of the company.
Borgmann had been with Senator since 2000, holding several positions -- including CEO from 2004 through April 2006 -- until a group of investors, lead by Sasse, acquired the company.
Sasse successfully closed a co-acquisition deal with Wild Bunch, already a joint-venture partner with Senator in German distribution company Central Film, and signed a licensing agreement with DVD distributor Universum Film.
Both deals will cut overhead and increase cash flow at Senator. The company already is forecasting that its year-end loss for 2008 will be "considerably reduced" from the $12.9 million loss it booked in the first half.
Senator also has agreed to settlements in long-running cases with Karl Walter Freitag and competing distributor Kinowelt.