'Power' down in wake of IM unit's collapse
EmptyBERLIN -- Shooting on Jan de Bont's action film "Stopping Power" has ceased following the bankruptcy of Intermedia subsidiary IM Stopping Power GmbH, the single-purpose entity set up to finance the film.
Intermedia's German parent company, IM Internationalmedia, said late Friday that the main financier backing the kidnapping drama, which stars John Cusack, had "not fulfilled his obligations." IM was unable to find another backer in time to continue production, the company said in its statement to investors.
"Stopping Power," which also stars Jason Isaacs and Melissa George, had begun production in Berlin. It is unclear whether the film will be able to move forward with other investors. The project generated strong interest at this year's Marche du Film in Cannes, selling to several major territories. IM was reportedly close to signing a deal for German rights to the production.
Friday's news was another blow to Internationalmedia as shares in Frankfurt plummeted, falling 36% to €0.13 ($0.18) Friday. The stock, which was trading at more than €1 in early 2006, has been on a steep slide ever since, as the indie production group has failed to deliver a hit.
In the first half of this year, IM booked a €4.7 million ($6 million) net loss on €10.8 million ($15 million) in revenue.
IM said it is still not clear whether the insolvency of IM Stopping Power will effect other operations in the Internationalmedia group.