COLOGNE, Germany -- Brothers Michael and Rainer Koelmel have been given a last-minute reprieve in their bid to take over their old company, the bankrupt German rights and distribution group Kinowelt Medien. After receiving a letter of support from the Koelmels' main backer, Kinowelt's insolvency administrator Wolfgang Ott said that the brothers now have until Wednesday to secure financing for their €32 million ($31 million) takeover offer. Ott previously had set Nov. 27 as a final deadline for the Koelmels to pay up or abandon their bid. The brothers' main backer, German bank Sparkasse Leipzig, has so far refused to commit to their takeover plan.
- 12/2/2002
- The Hollywood Reporter - Movie News
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