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Scanbox Reconstruct For Survival

An extensive reconstruction of the activities in the Scanbox Entertainment concern has today been made effective, the reconstruction is as follows.

The parent company Scanbox Entertainment Denmark A/S has created a new subsidiary and simultaneously undergone renaming to “SE 2001 of 1st September A/S”.

The key Nordic activities such as film, video and music distribution have subsequently been sold into the new subsidiary, which is to be named Scanbox Entertainment Denmark A/S.

This leaves the “SE 2001 A/S” plus a number of subsidiaries which no longer figure as part of the future Scanbox concern entering into receivership.

In September of last year the German media company VCL Film & Medien AG overtook the crisis hit Scanbox concern. Included in the takeover was a commitment to resolve all Scanbox related economic issues both known and unknown.

It is now established that the provisions made at the time of the takeover were insufficient, and during the past year several new economic problems have emerged.

VCL Film & Medien, the banks and the board of Scanbox have had clear objectives in the reconstruction process – to ensure the continuation of the profitable activities, to secure jobs, and to ensure that the activities that remain out of the reconstruction are protected in the best possible manner through receivership, in order to enable a sale of these activities.

All personnel are transferred to the new Scanbox. There are at present 110 employees. The company is based in Viborg, Denmark and has offices in Copenhagen as well as the subsidiaries in the Nordic territories, which are based in Oslo, Gothenburg, Stockholm and Helsinki.

The company has a share capital of DKK 50 mil. and the budgeted turnover for the first year is approx. DKK 300 mil.