IM figures reveal 2007 close call
EmptyCOLOGNE, Germany -- Intermedia parent company IM Internationalmedia, lost 14.1 million euros ($22 million) last year on revenues of 29.7 million euros ($47 million) as the company was hit by a major one-off connected to the production stop of Jan de Bont's actioner "Stopping Power."
Figures released Friday revealed how close IM came to collapse last year. The Munich-based group had cash reserves of just 300,000 euros ($473,000) at the end of 2007.
But that was before film financier David Bergstein bailed out IM earlier this year, acquiring a 57% stake in the struggling German group for around $10 million.
Bergstein plans to use the cash to push ahead with new productions at IM. The company is buoyant on the performance of its latest release -- the horror title "One Missed Call," which has grossed close to $30 million in the U.S., ahead of most predictions.