TV Loonland files for bankruptcy protection

German kid-vidder fails to raise cash to cover debts

COLOGNE, Germany -- TV Loonland, the problem child of the international kids TV industry, has filed for insolvency protection after failing to raise cash to cover its debts.

Supervisory board chairman Michael Briem was named company CEO Wednesday following the bankruptcy filing. He replaces Simon Flamank, who jumped ship in October to become COO and CFO of Brit media group Handmade. Flamank joined Loonland in 2006 after a shareholder revolt ousted previous boss Selma Kappel.

Once a high-flyer on Germany's Neuer Markt index, TV Loonland has licenses to animated kids series such as "The Cramp Twins" and "Pettson and Findus". But the Munich-based company has been struggling for years and the bankruptcy filing was expected.