MUMBAI: After being unable to repay its debts, Loonland, the kids‘ outfit TV, has been placed under preliminary administration by a German insolvency court.

In a statement, the company‘s management blamed shareholders for refusing to approve a share consolidation twice that would have allowed it to raise new equity.
 
"Therefore the company cannot clear all debts on the respective due dates," the statement read.

TV-Loonland also announced the appointment of Dr. Michael Briem as its CEO.