IM withdraws bankruptcy protection bid

Konstantin Thoeren returns as Internationalmedia CEO

COLOGNE, Germany -- Beleaguered film group IM Internationalmedia has a new lease on life, withdrawing its filing for insolvency protection and reinstating CEO Konstantin Thoeren.

IM got a cash injection courtesy of IM Acquisition Co., which will receive shares in the German group following a new issue in 2009. The new capital means that IM will be able to meet its financial obligations, the company said.

Thoeren resigned from IM in August and the company filed for bankruptcy protection shortly thereafter.

The German parent company of producer Intermedia remains embroiled in a number of legal disputes. These include a lawsuit from R Media Acquisition, a company associated with film financier David Bergstein, which is claiming $7.7 million in unpaid loans connected to IM's ill-fated thriller "Stopping Power."