Germany's TV-Loonland debt-free
Recent sales boost kidvidderMUNICH -- For the first time in seven years, troubled German kidvid production house TV-Loonland is debt-free, the company said Wednesday.
Income from the sales last week of Loonland's Hasbro Classics Library and its stake in the Metrodome Group (HR 5/16) paid off all remaining bank loans, which had at one point late last year totaled 20 million euros ($31.47 million).
The recent sales have left Loonland with 1 million euros ($1.57 million) in excess proceeds.
The news should take some pressure off Loonland's stock price, which tanked in early 2007 and has eroded steadily ever since. It has climbed slightly in recent weeks, hovering between 35 eurocents and 39 eurocents (55 cents and 61 cents).